Edible oil imports have witnessed a substantial decline, plummeting by 40% in the past fiscal 2022-2023 year alone, as per data from the Export Promotion Bureau (EPB) and the National Board of Revenue (NBR). In the 2022-23 fiscal year, imports amounted to 103,000 tons, generating approximately $130 million in foreign currency earnings. This starkly contrasts the preceding year, where 151,000 tons of oil were imported, contributing $230 million in foreign currency earnings, underlining a notable drop in quantity and income. The primary edible oils imported from Bangladesh, rice bran oil, and mustard oil, have been affected significantly. The downturn can be attributed to several factors, including a global decrease in the price of rice bran oil, rising production costs, frequent factory closures due to container shortages, and decreased imports of unrefined rice bran oil from Myanmar.
Sesame oil, another staple in the Bangladeshi edible oil market, has also seen a dip in imports, with 4,241 tons valued at $12.4 million imported in the last fiscal year compared to 12.1 million dollars in the previous year. Furthermore, heavily reliant on imports, soybean and palm oil totaled a staggering $2.76 billion in imports in the last fiscal year. However, approvals for their import were suspended at the start of the previous fiscal year due to domestic market issues and supply chain disruptions. These developments have led to substantially reduced soybean and palm oil imports.
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