The Bangladesh Trade and Tariff Commission (BTTC) said that the prices of the majority of Ramadan-related basic commodities, whose demand increases during the fasting month, will stay the same despite an increase in imports during the first half of the current fiscal year 2024–25. The committee noted 16 necessities that are in greater demand during Ramadan as individuals prepare special meals, snacks, and traditional delicacies in a report that was sent in to the trade ministry at the end of last week. According to the BTTC, imports of refined sugar, chickpeas, crude soybean oil, and lentils rose from July 1, 2024, to January 5, 2025, over the same period the year before. For instance, during this time, imports of lentils increased by 32% annually to 2.51 lakh tons.
Compared to the previous year, imports of chickpeas, one of the most eaten foods during the month, increased by 188% to 48,980 tons between July 1, 2024, and January 5, 2025. According to the BTTC, during Ramadan, Bangladesh needs half of its 2 lakh tons of chickpeas annually.
In terms of edible oils, private refiners imported 3.84 lakh tons of crude soybean oil in the first half of the fiscal year, a 40 percent increase. However, compared to the prior year, imports of palm oil decreased by 27% to 7.11 lakh tons. According to the study, imports of raw sugar and onions also decreased.
Lentils, palm oil, raw sugar, coarse sugar, and wheat imports decreased over the November–December months of 2023 and 2024, according to the BTTC’s analysis of commodity imports.
According to the BTTC, imports and supplies were positively influenced by the government’s decision, namely the lowering of import tax and Value Added Tax (VAT), as well as other steps to maintain the prices of vital commodities reasonable in the local market. On the other hand, BTTC data shows that imports of refined sugar, eggs, chickpeas, rice, dates, onions, and crude soybean oil rose during the same time period.
The report also mentions that among locally produced commodities, the price of onions has decreased due to the arrival of early varieties in the market. The BTTC indicated that edible oil prices may fall during Ramadan due to the downward trend in international prices and reductions in import duties and taxes.
The report further stated that consumers would be able to buy dates at lower prices than last year, as the total import duty for the fruit has been reduced to 41 percent from 63.6 percent.
However, the research said that it is vital to keep an eye on the supply and inventory of lentils and chickpeas on the local market because of the rise in their global pricing. Additionally, it emphasized how important it is to maintain a stable exchange rate in order to keep import prices from growing. The BTTC recommended that the government make sure that monetary and fiscal policy are properly aligned.
Source: The Daily Star 
