Agro Processors Urge Lifting of Rice Export Ban

The Bangladesh Trade and Tariff Commission (BTTC) has recommended reducing import taxes on sunflower and canola oil to diversify cooking oil options in the market.

Potato prices in Bangladesh have surged to an all-time high of Tk 80 per kg, up by Tk 10 in recent weeks, surpassing the previous record of Tk 70 in August 2021. Traders attribute the spike to delayed harvests of early varieties due to adverse weather in August, reduced production, and increased demand for seeds during the peak cultivation season.

Tea prices in Bangladesh have risen at weekly auctions this year due to a minimum price threshold and reduced supply, with the average price per kilogram reaching around Tk 214 after 29 auctions, compared to Tk 197.46 during the same period last year. The Bangladesh Tea Board (BTB) introduced a floor price for the current season, which helped push prices up slightly, especially for high-quality early harvests.

ACI Foods Limited, a subsidiary of ACI Limited, has launched Bangladesh’s first-ever fortified rice under the ‘ACI Pure’ brand, addressing malnutrition and promoting public health. The launch event at ACI Centre, Tejgaon, Dhaka, was attended by prominent figures, including ACI Chairman M. Anis Ud Dowla, Managing Director Dr. Arif Dowla, Food Ministry Secretary Md. Masudul Hasan, and Faria Yasmin, Chief Business Officer of ACI Foods & Commodity Brands.

Bangladesh Bank announced a 10% cash incentive for the export of agricultural and agro-processed products, specifically targeting juices and drinks made from locally sourced fruit pulp. The incentive, detailed in a notification from the Foreign Exchange and Policy Department, aims to boost the competitiveness of exporters in this sector and support the domestic agriculture industry.

The National Board of Revenue (NBR) has cut import taxes on dates from 64% to 39%, aiming to stabilize prices during Ramadan. As per the notification on 21 November 2024, the revised tax structure lowers customs duty to 15% (from 25%) and advanced income tax to 3% (from 10%), resulting in a total reduction of 25%.