Tea exports declining for local demand

During a question-answer session in the Jatiya Sangsad, Agriculture Minister said that the government has allocated subsidies amounting to over Tk97,873 crore for the agriculture sector over the past thirteen years. In response to a query from a ruling party lawmaker, the minister stated that the subsidies were provided for fertilizers, electricity rebates, and diesel.

The subsidy amount for the 2009-2010 period was Tk4,840.47 crore, with Tk4,009.43 crore allocated for fertilizers, Tk81.04 crore for electricity rebates, and Tk750 crore for diesel

A recent study suggests that Bangladesh's agricultural exports could decline by as much as 11 percent in major Generalised System of Preferences (GSP) providing countries following its graduation from the group of least-developed countries (LDCs). The study highlights potential losses of 6 to 11 percent in agricultural exports, including fish, to countries such as India, the European Union, China, the UK, Japan, Canada, and South Korea. The Indian market is expected to be the most heavily affected, with an export loss of 11 to 22 percent, equivalent to $21 million to $43 million.

Pineapple cultivation in Garo hills of Sherpur district has emerged as a strong competitor to the renowned Madhupur pineapple. Some tribal pineapple grower from Madhupur successfully initiated commercial pineapple cultivation on theirr lands. Despite initial concerns, they are delighted with the outcome as the pineapples turned out to be even more delicious and juicy than Madhupur's variety.

Farmers in the Rangpur agriculture region are delighted with a bumper maize harvest and favorable market prices during the current Rabi season. The Department of Agricultural Extension (DAE) had set a production target of 11,70,696 tonnes of maize from 1,08,065 hectares of land in the region. However, farmers exceeded expectations by cultivating an additional 5,535 hectares of land. Maize cultivation has been gaining popularity due to its lower labor and cost requirements, coupled with high yields and lucrative prices.

In the fiscal year 2023-24, the government of Bangladesh has entered into an agreement with Russia to import 180,000 tonnes of Muriate of Potash (MoP) fertilizer. The deal was signed between the Bangladesh Agricultural Development Corporation (BADC) and Prodintorg, a Russian State-owned Corporation, in Moscow on June 1.

The proposed budget for the fiscal year 2023-24 includes an extension of all tax facilities for feed used in poultry, fish, and meat production. The coverage of these benefits has been expanded, and as a result, duty, value-added tax (VAT), and tax benefits will be retained in the upcoming fiscal year. The budget proposal also incorporates the Shrimp Hatchery Association of Bangladesh (SHAB) into the existing notification (No 128/2020) that provides concessional facilities on the import of materials used in poultry, dairy, and fish production.