After covid-19 disrupted trade and commerce for the past couple of years, people expected 2022 to support recovery in every aspect. However, the year did not take long to smash these notions.
With the start of the year, started the Russian invasion of Ukraine and the war between the two biggest grain producers and exporters led to disruptions in the supply chain. Adding to the woes, adverse weather conditions around the world hampered the domestic production of food grains and coerced several countries to rely on imports for their domestic needs.
One such country was Bangladesh. Located in South Asia, Bangladesh have been struggling to meet its domestic needs since the start of 2022. Russia-Ukraine war and floods that damaged the domestic crops have made the Asian nation primarily reliant on imports and the country have been importing agro-commodities actively of late to meet its domestic needs.
However, despite this, the prices of several food items are way above the purchasing power of common citizens of Bangladesh. One such commodity is sugar. Despite bulk imports, the prices of sugar are still ruling high in the domestic markets of Bangladesh, pinching the pockets of commoners in the country. Sugar refiners are requesting the government to lower the import duty so that the domestic consumers are relieved and the prices of the commodity remains normal during the upcoming fasting month of Ramadan.
Revision In Sugar Import Duty Essential To Calm Soaring Prices
Prices of sugar have hit an 8 year high in the domestic markets of Bangladesh. Previously, the sweetener was imported at $430 – $450 per tonne and this has gone up to $510 – $530 per tonne according to senior assistant general manager at Meghna Group of Industries, Taslim Shahriar.
Sugar refiners are requesting the government to lower the import duty on sugar imports and ensure sufficient gas supply in the factories so as to keep the commodity prices normal during the upcoming fasting month of Ramadan.
Currently, the regulatory duty on sugar imports stand at 30 per cent and sugar refiners believe that the prices of the commodity cannot be reduced unless there is any revision in the import duty of sugar by the Government of Bangladesh.
The Bottom Line
Located in South Asia, Bangladesh have been struggling since the start of 2022 to meet its domestic needs. Russia-Ukraine war and heavy flooding have aggravated the problems for the Asian nation making it reliant on imports for its domestic needs.
This is the reason why Bangladesh have been importing agro-commodities actively in recent months. However, despite this, the prices of several food and agro items are still high in the domestic markets of Bangladesh pinching the pockets of the common people.
Talking particularly about sugar, the prices of the sweetener are at ruling at an 8 year high in the markets of Bangladesh. The sugar refiners have requested the government to revise the sugar import duty to relieve the consumers and calm in prices of the sweetener in the domestic markets.
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