diff --git a/CHANGELOG.md b/CHANGELOG.md
index 3672e38f12..259e10926c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -15,6 +15,7 @@
 #### :nail_care: Polish
 
 - Apply heuristic to suggest using JSX fragments where we guess that might be what the user wanted. https://github.com/rescript-lang/rescript/pull/7714
+- Show deprecation warnings for `bs-dependencies` etc. for local dependencies only. https://github.com/rescript-lang/rescript/pull/7724
 
 #### :bug: Bug fix
 
diff --git a/rewatch/src/build.rs b/rewatch/src/build.rs
index 2f44a4f88e..990333ca05 100644
--- a/rewatch/src/build.rs
+++ b/rewatch/src/build.rs
@@ -465,21 +465,22 @@ pub fn incremental_build(
 
 fn log_deprecations(build_state: &BuildState) {
     build_state.packages.iter().for_each(|(_, package)| {
-        package
-            .config
-            .get_deprecations()
-            .iter()
-            .for_each(|deprecation_warning| match deprecation_warning {
-                config::DeprecationWarning::BsDependencies => {
-                    log_deprecated_config_field(&package.name, "bs-dependencies", "dependencies");
-                }
-                config::DeprecationWarning::BsDevDependencies => {
-                    log_deprecated_config_field(&package.name, "bs-dev-dependencies", "dev-dependencies");
-                }
-                config::DeprecationWarning::BscFlags => {
-                    log_deprecated_config_field(&package.name, "bsc-flags", "compiler-flags");
-                }
-            });
+        // Only warn for local dependencies, not external packages
+        if package.is_local_dep {
+            package.config.get_deprecations().iter().for_each(
+                |deprecation_warning| match deprecation_warning {
+                    config::DeprecationWarning::BsDependencies => {
+                        log_deprecated_config_field(&package.name, "bs-dependencies", "dependencies");
+                    }
+                    config::DeprecationWarning::BsDevDependencies => {
+                        log_deprecated_config_field(&package.name, "bs-dev-dependencies", "dev-dependencies");
+                    }
+                    config::DeprecationWarning::BscFlags => {
+                        log_deprecated_config_field(&package.name, "bsc-flags", "compiler-flags");
+                    }
+                },
+            );
+        }
     });
 }