Bangladesh’s wheat imports reached a record 6.8 million tonnes in FY24, driven by lower international prices and increased local demand. This marks a 74% year-on-year increase, with the private sector responsible for over 88% of imports. Despite the surge in imports, consumer benefits were minimal, as retail wheat flour prices saw only a slight decrease compared to the significant drop in global prices. The weaker Taka and higher gas prices negated potential savings. Import costs remained between $280 and $350 per tonne, with the Taka’s devaluation and increased gas prices raising operational costs. Despite these challenges, companies reduced wheat flour prices by over 20%. The USDA forecasts higher wheat imports for FY25 at 6.2 million tonnes, following the record FY24 imports. Bangladesh’s annual wheat production of 1.0-1.1 million tonnes falls short of the 7.0-7.5 million tonnes demand, highlighting reliance on imports to meet consumption needs.
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