During the period from January 1 to June 10, 2022, the import of cardamom through Chittagong port decreased by approximately 26 percent compared to the same period last year. This decline in cardamom imports, along with reduced imports of other spices such as cumin and cloves, has led to an increase in the prices of spices in the market. Importers attribute the decrease in imports to difficulties in opening sufficient LC (Letter of Credit) with 100% margin payment and delays in redeeming imported goods due to banking issues.
The traders in Khatunganj market highlight that the cost of importing spices has increased fourfold compared to previous years, resulting in higher selling prices. The wholesale prices of cumin, for instance, have risen by an average of Tk 300 to Tk 350 per kilogram in just two months. Moreover, while imports of cardamom, cumin, cloves, and ginger have decreased, imports of garlic and cinnamon through Chittagong port have increased. The increased import costs and delayed arrivals of imported goods contribute to the overall rise in spice prices.
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