Bizdata Insights Main Logo

Ctg Traders reduced onion price fearing import resumption

Industry: Commodity, Consumer & Retail

The price of onions in the Khatunganj wholesale market in Chittagong has decreased by three to five taka per kg following news of a possible resumption of onion imports in the country. This decision comes after the import of onions was halted on March 15 to protect local farmers. With the stocks of imported onions nearly exhausted, the price of domestic onions began to rise earlier this month, reaching Tk 75 per kg in the wholesale market and Rs. 80 per kg at the retail level. However, as soon as the Ministry of Agriculture indicated the possibility of allowing onion imports to lower prices, the market started to see a slight decrease.

Currently, onions are being sold at 70 to 72 taka per kg in the wholesale market, reflecting a decrease of three to five rupees per kg in just a few days. This reduction in the wholesale market has also impacted retail prices, which now range from 80 to 85 taka per kg in Chittagong. The decision to allow imports aims to stabilize onion prices, considering that the cost of production for domestic onions is around Tk 28 to Tk 30 per kg. With an annual demand of 26 to 28 lakh tons, the country has produced over 34 lakh tons of onions, with a current stock of 18 lakh 30 thousand tons. The temporary halt on imports was implemented to support local farmers, as the open import policy in the previous fiscal year resulted in lower prices for desi onions, affecting their livelihoods.

Source for more details:

Related News

3rd Bangladesh Sustainability Awards Honor Six Firms

December 3, 2023

The 3rd Bangladesh Sustainability Excellence Awards, hosted by The Daily Star and CSR Window Bangladesh, recognized six companies and three young humanitarians for their outstanding sustainable and socially impactful initiatives.

Gold Prices to Cross Tk 1.09 Lakh Per Bhori

November 30, 2023

The Bangladesh Jewellers' Association (Bajus) has announced a new record price for gold, with a bhori (11.664 grams) of 22-carat gold ornaments to be sold at over Tk 1.09 lakh, up from the existing price of Tk 1.08 lakh.

Govt Implements Halal Certification Policy

November 28, 2023

The Bangladesh Islamic Foundation (BIF) has introduced a halal certification policy to facilitate the production and marketing of shariah-compliant foods, pharmaceuticals, and cosmetics. Businesses involved in making, exporting, and importing halal goods will now require certification and a designated logo under this policy.

Olympic Industries COGS Soars to Tk 1,968 Crore

November 27, 2023

In FY23, Olympic Industries Ltd., a prominent biscuit and confectionery manufacturer, experienced a surge in the cost of goods sold (COGS) to Tk 1,968 crore, constituting 76% of total sales. This increase was attributed to the rapid devaluation of the taka and elevated commodity prices. Despite facing challenges from rising energy

Dollar Crisis Hits Dry Fruit Market

November 26, 2023

The demand for dry fruits in Bangladesh surges during winter festivals, with winter being a peak season for various varieties like raisins, walnuts, cashews, groundnuts, sweet potatoes, and Alu Bokhara. However, the market faces instability due to a supply crunch caused by the ongoing dollar crisis, resulting in decreased imports and higher customs fees.

Daily Commodity Imports Plummeted by 30%

November 25, 2023

The prices of daily commodities in Bangladesh continue to rise despite global reductions. From July to October in the fiscal year 2023-24, imports of essential items like pulses, sugar, soybeans, and palm oil have dropped by an average of 30%, according to the National Board of Revenue (NBR) data.

Related News

3rd Bangladesh Sustainability Awards Honor Six Firms

December 3, 2023

The 3rd Bangladesh Sustainability Excellence Awards, hosted by The Daily Star and CSR Window Bangladesh, recognized six companies and three young humanitarians for their outstanding sustainable and socially impactful initiatives.

Gold Prices to Cross Tk 1.09 Lakh Per Bhori

November 30, 2023

The Bangladesh Jewellers' Association (Bajus) has announced a new record price for gold, with a bhori (11.664 grams) of 22-carat gold ornaments to be sold at over Tk 1.09 lakh, up from the existing price of Tk 1.08 lakh.

Govt Implements Halal Certification Policy

November 28, 2023

The Bangladesh Islamic Foundation (BIF) has introduced a halal certification policy to facilitate the production and marketing of shariah-compliant foods, pharmaceuticals, and cosmetics. Businesses involved in making, exporting, and importing halal goods will now require certification and a designated logo under this policy.

Olympic Industries COGS Soars to Tk 1,968 Crore

November 27, 2023

In FY23, Olympic Industries Ltd., a prominent biscuit and confectionery manufacturer, experienced a surge in the cost of goods sold (COGS) to Tk 1,968 crore, constituting 76% of total sales. This increase was attributed to the rapid devaluation of the taka and elevated commodity prices. Despite facing challenges from rising energy

Dollar Crisis Hits Dry Fruit Market

November 26, 2023

The demand for dry fruits in Bangladesh surges during winter festivals, with winter being a peak season for various varieties like raisins, walnuts, cashews, groundnuts, sweet potatoes, and Alu Bokhara. However, the market faces instability due to a supply crunch caused by the ongoing dollar crisis, resulting in decreased imports and higher customs fees.

Daily Commodity Imports Plummeted by 30%

November 25, 2023

The prices of daily commodities in Bangladesh continue to rise despite global reductions. From July to October in the fiscal year 2023-24, imports of essential items like pulses, sugar, soybeans, and palm oil have dropped by an average of 30%, according to the National Board of Revenue (NBR) data.

Shopping cart

0
image/svg+xml

No products in the cart.

Continue Shopping

BUSINESSMONITOR

Connect with


Dont Have Account? Please register Here