As the holy month of Ramadan approaches, Bangladesh has witnessed a significant 30% increase in the import of essential commodities, including sugar, soybean oil, pulses, chickpeas, lentils, onions, garlic, ginger, and dates.
According to data from Bangladesh Bank, the import volume of certain items has surged by as much as 85% compared to the same period in the previous fiscal year.
An analysis of letters of credit (LC) settlements by the central bank indicates that from October to January in the 2023-24 fiscal year, the country imported 14.75 lakh tonnes of these nine essential commodities.
In contrast, during the same period this fiscal year, imports rose to 19.19 lakh tonnes, marking a 30.07% increase.
Stakeholders, including Bangladesh Bank officials and market analysts, attribute this surge to the participation of small and medium-sized traders alongside major corporate importers.
As a result, market observers anticipate no shortage of essential commodities or undue price hikes during Ramadan. If the government maintains strict market monitoring, the prices of some commodities may even decrease.
With the Islamic month expected to commence on 1 March, traders and policymakers have intensified efforts to stabilise supply and prevent market volatility.
Finance Adviser Dr Salehuddin Ahmed and Commerce Adviser Sheikh Bashiruddin have reiterated that there will be no price hikes during Ramadan, assuring that market demand will be met with ample supply.
Importers echo this sentiment, emphasising that the availability of essential goods will be sufficient to meet consumer demand.
Administrative oversight will play a crucial role in ensuring that stockpiling or artificial price inflation does not occur.
Sugar and edible oil imports on the rise
Central bank data reveals that sugar imports in the four months from October to January stood at 4.54 lakh tonnes, up from 3.78 lakh tonnes in the corresponding period of the previous fiscal year, reflecting a 20% increase.
Similarly, soybean oil imports have climbed by 34%, reaching 5.98 lakh tonnes this fiscal year, compared to 4.47 lakh tonnes last year.
Despite the increase in edible oil imports, prices have yet to decline.
According to Golam Mawla, president of the Bangladesh Wholesale Edible Oil Traders Association, major importers' consignments are yet to arrive. "Large suppliers have assured increased supply post-25 February.
The government must ensure they honour their commitment, as failure to do so will only burden consumers and tarnish the reputation of smaller traders," he stated.
Pulses, chickpeas, and lentils see notable import surge
Imports of pulses and lentils have seen an impressive 44% increase, with total imports reaching 1.57 lakh tonnes, compared to 1.09 lakh tonnes in the previous fiscal year.
Chickpea imports have surged by 64%, while lentils have witnessed an even steeper rise of 85%.
Onion prices remain stable, with locally produced onions meeting current market demand at Tk30-40 per kg.
Onion imports have grown modestly by 2%, while garlic imports have risen by 20%, reaching 61,381 tonnes compared to 50,995 tonnes in the previous fiscal year.
Ginger imports, crucial for Ramadan consumption, have jumped 56%, totalling 52,515 tonnes.
Last year’s Ramadan saw considerable turmoil in the date market, leading to consumer dissatisfaction.
Former minister Nurul Majid Mahmud Humayun had controversially suggested substituting dates with local fruits such as jujube, drawing widespread criticism.
This year, imports of dates have risen by 23%, reaching 14,420 tonnes from 11,714 tonnes in the corresponding period last fiscal year.
Traders anticipate a stable market as pipeline imports are set to hit shelves soon. Mustafa Kamal, Chairman of Meghna Group, revealed initiatives to provide essential commodities at discounted rates across Dhaka, including Karwan Bazar, Mirpur, New Market, Gulshan, and Uttara.
"We are selling sugar at Tk115 per kg and offering discounts on all essential Ramadan commodities. With incoming soybean oil shipments, market conditions will improve," he asserted.
Market oversight to prevent hoarding and price manipulation
Government agencies remain vigilant in monitoring the market to prevent irregularities.
Director General of the Directorate of National Consumer Rights Protection, Mohammad Alim Akhtar Khan, assured that extensive meetings with importers and traders have been held to ensure a steady supply.
"By 25 February, the edible oil supply situation will improve. Other essential items are adequately stocked. Some high-end products, such as premium dates and cardamom, may be affected by global price fluctuations, but overall, consumers will find ample supply at reasonable prices."
Authorities are also considering tariff reductions on imported fruits to enhance affordability.
With stringent oversight and increased imports, this Ramadan is expected to see stable prices, ensuring a smoother fasting period for consumers across the country.
