Sugar Exporters

Bangladesh Withdraws Import Duty On Refined And Raw Sugar

Bangladesh Withdraws Import Duty On Refined And Raw Sugar

In a recent letter to the Commerce Ministry, the Bangladesh Sugar Refiners Association (BSRA) submitted a set of proposals with a request to take necessary steps to keep the price of sweetener stable in the domestic market. The proposals were against the backdrop of a recent surge in domestic sugar prices and a supply shortage of the commodity in the local markets in Bangladesh.

In the city’s kitchen markets, sugar selling price was at Tk 100-120 per kg, much higher than the Government set prices i.e. Tk 95 per kg for packed sugar and Tk 90 per kg for loose sugar.

Sugar refiners in Bangladesh have been importing raw sugar at international prices to keep the domestic market stable. The price of sugar in the global market often fluctuates.

Withdrawal Of Import Duty

On 26th February 2023, Bangladesh’s National Board of Revenue (NBR) withdrew the import duty on purchase of raw and refined sugar so that consumers could purchase the commodities at lower prices.

The NBR published a notification to withdraw a 3,000 Taka ( around 28 USD) specific duty on raw Sugar Imports and a 6,000 Taka duty per tonne on refined sugar imports with immediate effect. Besides this, the NBR also reduced the regulatory duty on sugar imports from 30% to 25%.

Policy For Duty Reduction

The benefits from the reduction in the import duty following the proposal from the Commerce Ministry to bring down sugar prices from the current record level of up to 120 Takas per kilogram, would remain effective till 30th of May, 2023.

As per an estimate by the NBR, raw and refined sugar’s overall import cost of raw and refined sugar is expected to decline by 6,500 Takas and 9,000 Takas per tonne respectively following the waived off duty and reduction measures.(1 U.S.D. is about 106 Taka).

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