Importers under-invoicing shipments of sugar

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.

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.

The government has decided to allow onion imports to alleviate the suffering of lower-income groups affected by inflation, as prices have soared due to stockpiling by traders and growers. Onions are currently being sold at Tk 100 per kilogram in Dhaka, a 31 percent increase from a week ago. The commerce ministry had requested the agriculture ministry to permit imports, and the agriculture minister stated that onion prices should not exceed Tk 45 per kilogram.

According to the Bangladesh Trade and Tariff Commission (BTTC), the price of crude soybean oil in Argentina has experienced a significant decline in the global market. On May 31, it was recorded at 847 US dollars per ton, compared to 1,970 dollars one year ago, indicating a decrease of approximately 57 percent. However, this decline in prices has not translated into benefits for consumers within the country.

Speculations of increased import costs have led to a rise in wholesale sugar prices, as the National Board of Revenue (NBR) did not extend duty benefits for sugar imports. The volatility in domestic sugar prices prompted the commerce ministry to request lower duties for refiners in an effort to stabilize the market. In February, the NBR reduced regulatory duty by 5 percentage points and eliminated import duties on unrefined and refined sugar. However, these benefits expired on May 31, resulting in a price increase of Tk 140 to Tk 250 per maund (37 kilograms) of sugar.