Bangladesh: government bans soybean meal exports

The government has imposed a ban on exporting soybean meal, a key ingredient of poultry and cattle feed, to protect the interests of the country’s dairy and poultry sectors.

The commerce ministry issued a notification in this regard to control the rising prices of the key elements of poultry and cattle feed.

The commerce ministry has asked the chief controller of import and export to take necessary measures to this effect from Thursday.

In this regard, Additional Secretary (Exports) of the Ministry of Commerce Hafizur Rahman told BSS that the government has announced a ban on soybean meal exports to prevent any increase in the prices of poultry, fish and cattle feed in the country.

“We don’t want to see crisis in poultry and fish food and cow feed in the country due to soybean meal exports, ” he added.

He further said that if soybean meal exports continue, dairy and poultry food production would be hampered and prices of dairy and poultry products would go up.

“No Soybean meal export letters of credit (LCs) will be accepted from today but LCs that were opened till yesterday could be exported till October 20,” he said.

Soybean meals are mainly produced from soybean seeds and this Soybean meal is used as poultry, fish and cattle feed. Soymeal produced in Bangladesh is mainly exported to India and Nepal.

THE BUSINESS STANDARD

Tags: Бангладеш, soymeal, soybean meal exports, soybean seeds, rising prices