Bangladesh is a promising market for Russian grain and soybean oil

Published 2024년 8월 13일

Tridge summary

Bangladesh is a leading importer of food products and agricultural raw materials, with wheat being its main import. In the 2023/24 season, Russia became the largest supplier of wheat to Bangladesh, contributing over half of the country's total imports. There is potential for increasing Russian wheat exports to Bangladesh by 2.5 times by 2032/33. Besides wheat, Russia also has opportunities to export corn, peas, mustard seeds, and vegetable oils to Bangladesh, as demand for these commodities grows in the country. Trade cooperation between Russia and Bangladesh is on the rise, with trade turnover increasing by 16.5% in 2023, and the signing of a memorandum of understanding for the export of essential goods to Bangladesh in March 2024.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The People's Republic of Bangladesh is one of the leading net importers of food products and agricultural raw materials, ranking among the top five importers of Russian wheat along with Algeria and Kazakhstan. In 2023/24, Bangladesh's wheat imports totaled 6.5 million tonnes, while domestic consumption reached 7.3 million tonnes. According to industry experts, Bangladesh plans to increase its wheat imports to 8 million tonnes by 2032/33. Ruslan Khasanov, Director of the Grain Quality Assessment Center, said that in 2023/24, Russia set a record for wheat supplies to Bangladesh, sending 3.5 million tonnes, which accounted for more than half of the country's total imports of this crop during the period. Compared to the previous agricultural year, wheat exports from Russia to Bangladesh increased by almost 2.5 times - in 2022/23, they amounted to 1.4 million tonnes. According to Ruslan Khasanov, there has also been a significant increase in the supply of other agricultural crops. For ...

Source: Oilworld