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Scrap vessel imports drop to a 4 year low in 2022

Economic Tag: Import

Bangladesh’s imports of scrap ships fell to a four-year low in 2022 as a result of US sanctions and a lack of US dollars. In 2022, 151 scrap vessels in total were imported, which is 27% less than in 2019.  The total weight of the imported scrap ships decreased by 52%. Prior to India and Pakistan, Bangladesh led the list of nations that demolish ships in 2021.

292 huge tankers, bulkers, floating platforms, cargo, and passenger ships were sold for scrapping in 2022, with the majority ending up for unsanitary and hazardous breaking on the tidal beaches of Bangladesh, India, and Pakistan. Around 30 shipbreaking yards in Bangladesh had to close as a result of the US currency crisis, which resulted in the loss of 10,000 jobs.






The Daily Star



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Related News

Pulse import prices increasing despite low local production

March 11, 2023

Due to rising consumption, insufficient native output, and higher pricing on the global markets, Bangladesh’s pulse import costs are rising. According to Bangladesh Bank, the country spent Tk 6,185 crore, or an increase of 11% over the previous fiscal year, on importing pulses.

One of the most common kitchen goods in the nation has increased import expenses due to factors including the significant devaluation of the taka against the US dollar over the past year and an increase in freight charges.

Pulses are now substantially more expensive on the global market, which increases the cost to importers. While imported lentils sell for between Tk 85 and Tk 90 per kilogram, locally grown ones typically cost between Tk 130 and Tk 135 per kilogram.

According to AKM Mahbubul Alam, principal scientific officer of the Pulses Research Sub-Center in Gazipur, widespread awareness and detailed work plans are required to expand pulse cultivation, which will eventually increase the local supply and reduce the price.


Source for more insights:

The Daily Star

Delhi is likely to impose new goods quotas

March 5, 2023

India is almost ready to give Bangladesh new quotas on some commodities and food grains with the goal of ensuring an uninterrupted supply chain. “India is already in consultation with its ministries concerned in this regard,” the Bangladesh high commission in New Delhi has said in a letter.

According to a high official, Delhi is now examining and evaluating Dhaka’s proposal to give it such an annual quota. In order to maintain the stability of India’s domestic market, Bangladesh has already provided an updated list of six commodities with that nation.

Dhaka proposed quotas on 4.5 million tonnes of wheat, 2.0 million tonnes of rice, 1.5 million tonnes of sugar, 0.7 million tonnes of onion, 0.125 million tonnes of ginger, 30,000 tonnes of lentils, and 10,000 tonnes of garlic during the December 2022 Indo-Bangla Commerce Ministerial Meeting.

But Dhaka has issued a new list in this regard in response to Delhi’s request to rationalize limit on Bangladeshi items.The new proposal reduces the amount of wheat, rice, sugar, onions, and ginger by 44.4%, 25.0%, 33.3.30%, 14.28%, and 0.6%, respectively, to 2.5 million tonnes, 1.5 million tonnes, and 1.0 million tonnes, respectively.


Source for more insights:

The Financial Express


Import through CTG port declines

February 7, 2023

In order to meet domestic demand, Bangladesh has reduced its wish list for the annual purchase of six consumer goods from India. The amended proposal has decreased the amount of wheat by 44.4% to 2.5 million tonnes, sugar by 25.0% to one million tonnes, onions by 14.28% to seven million tonnes, ginger by 0.125 million tonnes, and garlic by 10,000 tonnes.

The private channel is the only one where the new quotas for sugar, onions, garlic, and ginger have been suggested. Every year, the government will adjust the food quota proposal for Bangladesh, taking into account domestic demand and production. Bangladesh has asked New Delhi to notify it sooner and within a fair amount of time if the neighboring nation bans the shipment of such necessities.



Source for more details:   

The Daily Star



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