Import duties causing excess profits in fruit

On the first day of onion import permits in Bangladesh, nine traders imported a total of 1,407 tons of onions through three land ports, namely Hili Land Port in Dinajpur, Sonamsjid Land Port in Chapainawabganj, and Bhomra Land Port in Satkhira. The onions were imported at an average price of 15.5 taka per kg, with customs data revealing prices ranging from 13 to 16 cents per kg per consignment. The importation of onions required permission from the Plant Protection Division, and the imported onions are yet to be available in the retail market.

The Ministry of Commerce in Bangladesh has launched an initiative to procure 7 million liters of soybean oil at a subsidized price for distribution among 10 million family cardholders through the Trading Corporation of Bangladesh (TCB). The procurement will be conducted through a local open tender, with each liter of soybean oil priced at 178.52 taka. The total expenditure for purchasing 7 million liters will amount to 1 billion 249 million 640 thousand taka. The procurement proposal is set to be presented for approval at a meeting of the Cabinet Committee on Government Procurement chaired by Finance Minister.

Lay's, the beloved potato chips brand from PepsiCo, has launched the transformative "Lay's Make In Bangladesh" initiative in partnership with Transcom Consumer Products Ltd, demonstrating its steadfast dedication to Bangladesh. This initiative marks a momentous milestone as Lay's proudly pioneers the local production of its iconic potato chips in Bangladesh.

Bangladesh intends to decrease its imports of public foodgrains in the upcoming fiscal year to conserve foreign currency reserves and alleviate strain on the forex reserves. The Directorate General of Food plans to purchase 500,000 tonnes of rice and 600,000 tonnes of wheat from the global market in 2023-24. These grains will be used to build public food stocks and distributed through social protection programs, including subsidized sales to low-income individuals.

Following the government's approval of onion imports from India, onion prices experienced a significant decline in various regions of Bangladesh. The Trading Corporation of Bangladesh reported that the local variety of onion was being sold at Tk 80 to Tk 90 per kilogram on Monday, marking a Tk 10 decrease compared to the previous day. Over the past month, prices of the local onion variety had risen by 81%, leading the agriculture ministry to allow imports to stabilize the volatile market. However the Director General of the Directorate of National Consumers Rights Protection (DNCRP), claimed that a group of traders had manipulated the market for higher profits.

The LGRD parliamentary committee has accused private milk companies of supplying substandard milk, often adulterated with harmful substances, in the market. These companies allegedly procure low-quality milk from both local and foreign sources, mix it with harmful additives, and sell it at a price lower than that of Milk Vita, the state-run milk supplier. The committee stressed the need to inform the public about this concerning issue. The matter was extensively discussed during a meeting of the Parliamentary Committee on the Ministry of Local Government, Rural Development, and Cooperatives, held at the Parliament building.