The cumin market in Bangladesh has been hit hard by the dollar crisis, leading to a significant decrease in imports and soaring prices. Over the past year, cumin prices have more than doubled, with a staggering increase of 135%. In the last month alone, prices have surged by about 17%, reaching 900-1,050 taka per kilogram. The reduced imports, attributed to difficulties in opening Letter of Credit (LC) amid the crisis, have impacted both the Indian-imported cumin, known for its lower quality and lower price, and cumin from other countries, with both experiencing price hikes of around 100 to 200 taka per kilogram.
The decline in cumin imports, reaching 8,106 tons less compared to the previous fiscal year, has caused a scarcity of the commodity and negatively affected sales and purchases. While the wholesale business of ground cumin has flourished, with prices increasing from 1,600 to 2,000 taka per kilogram in the past year, the overall cumin sales have suffered due to the soaring prices. As cumin is primarily imported from India, accounting for 60-70% of total demand, the reduced imports have also affected the prices of other spices like cloves. The situation remains uncertain, and industry stakeholders are closely monitoring developments, hoping for a resolution to the dollar crisis and a stabilization of cumin prices in the near future.
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