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Imports and LCs rise, hope supply of essentials remains normal during Ramadan

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Imports and LCs rise, hope supply of essentials remains normal during Ramadan
Ahead of the upcoming holy Ramadan, imports and opening of letters of credit (LCs) for edible oil, sugar, lentils, chickpeas and dates have increased. This has created the possibility that the supply situation will remain normal to meet extra demand during Ramadan. This picture emerged from Bangladesh Trade and Tariff Commission data at a meeting to review the market situation of essential commodities held at the Ministry of Commerce on Monday. Commerce Minister Khandaker Abdul Muktadir chaired the meeting.

According to Tariff Commission data, from July 1 to October 25 this year, 823,000 metric tons of edible oil, 687,000 tons of sugar, 82,000 tons of chickpeas, 122,000 tons of lentils and 11,000 tons of dates were imported. Compared with the same period last year, imports and LCs opened for these products increased at a significant rate.

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In a review of the local market, it was reported that over one month, prices of eggs, broiler chickens and lentils decreased in the market, while prices of edible oil and sugar remained stable. Representatives of the poultry sector said the production situation of eggs and chickens at the farm level is currently normal. As there is no disease, there is no fear of any major shortage in production and supply.

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At the meeting, the commerce minister emphasized simplifying and rationalizing the tariff structure considering differences in variety, quality and price of dates imported from different countries. Importers also demanded that the tax structure on fruit imports be made more tolerable considering the purchasing capacity of general consumers. In addition, importance was given to closely monitoring upward trends in the international market, import costs and the tariff situation.

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