The American Soybean Association (ASA) welcomes today’s announcement that leading Bangladeshi agribusiness companies have signed letters of intent to significantly increase purchases of U.S. soybeans and soybean meal over the next 12 months. This commitment not only supports Bangladesh’s protein needs but also strengthens economic opportunities for U.S. soybean farmers here at home.
In Marketing Year 2023/2024, Bangladesh was a top 15 market for U.S. soy exports, and the country holds tremendous growth potential in the coming years. The letters of intent reflect a commitment of $1.25 billion in U.S. soy purchases over the next year, more than triple the $364 million Bangladesh imported in MY 2023/2024. This action underscores both rising demand in Bangladesh’s growing poultry, aquaculture, and food sectors and the strong global competitiveness of U.S. soy.
ASA appreciates the efforts of the U.S. Department of Agriculture, U.S. Soybean Export Council (USSEC), and administration officials to help open and strengthen markets for U.S. soy around the world, including in South Asia.
“This news is a major win for soybean farmers and a meaningful step in expanding reliable market access for U.S. agriculture,” said ASA President Caleb Ragland, a soybean farmer from Magnolia, Kentucky. “As Bangladesh’s demand for protein grows, U.S. soy farmers stand ready to supply a dependable, sustainable product that delivers value for our global partners and supports farm families and rural communities across America.”
ASA looks forward to continued collaboration to support market-development efforts, promote U.S. soy’s sustainability and nutritional advantages, and strengthen global food and feed supply chains that benefit American farmers and international consumers alike.
