Bangladesh faces a spice and dried fruit supply crisis as the assessment value and duty rates surge. Import costs for ginger rose by $1,650 per ton, from $1,850 to $3,500, impacting market prices. Cinnamon’s assessment value increased from $1,000 to $1,750, while dates saw a significant spike, from $1,000 to $2,000, with duty soaring from 10% to 59%.
Cashew nuts witnessed a drastic rise in assessment value to $6,150 from $850, coupled with a duty increase from 31% to 43%, resulting in an extra expense of $218,709 per ton. The Bangladesh Wholesale Spice Business Association appeals for a duty reduction to ease the market crisis. Illegal trade exacerbates the situation, prompting calls for government intervention. Chittagong port, despite multiple seaports, remains crucial for spice imports. The spice market’s challenges intensify amid global uncertainties, syndicate control, and currency fluctuations, necessitating urgent government action for industry stability.
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