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Sugar market become more unstable

Industry: Commodity, Consumer & Retail

In recent weeks, the country’s sugar market has become even more turbulent because of the supply shortage growing and the price increasing much ahead of Ramadan. While the government permitted the Bangladesh Sugar Refiners Association to raise the price by Tk 4 to Tk 112 per kilogram beginning of February 1, the price of packaged sugar has nonetheless reached as high as Tk 130 per kilogram on the local market.

According to data from the state-owned Trading Corporation of Bangladesh, the item’s price has gone up 50.33 percent in the last year. Nowadays, it sells for TK110-120 a kg in the city markets. Both wholesalers and merchants claim that the price of sugar has been rising practically daily on the local market for the past 15 days due to a supply shortfall. The DNCRP said, they will vigorously monitor the sugar market on February 1 in order to guarantee that people may purchase sugar, an essential product during Ramadan, at the price specified by the government. The retail price of unpackaged refined sugar was raised by Tk 5 to Tk 107 per kg while packaged refined sugar was raised by Tk 4 to Tk 112.  According to official statistics, the country’s annual need for refined sugar is around 20 lakh tonnes, yet only 30,000 tonnes of that demand are satisfied by local mills. The demand is estimated by the commerce ministry to be 1.5 lakh tonnes each month, and during Ramadan, it increases to three lakh tonnes. To keep sugar affordable, the government would need to ensure a sufficient supply during Ramadan.



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Source for more insights:

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Source for more insights:

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The National Board of Revenue (NBR) removed the specific import duties of Tk 3,000 for raw sugar and Tk 6,000 for refined sugar on February 26 with immediate effect. It also cut the regulatory duty on the import of sugar to 25 per cent from 30 per cent. After the reduction, the overall import cost of raw and refined sugar is expected to decline by Tk 6,500 and Tk 9,000 per tonne at the import stage, respectively. Still, the price of sugar shows no sign of cooling down. Rather, it increased by Tk 130, or 3 per cent, per maund in the wholesale market

The price increase came amid continued supply shortage and a spike in demand for the kitchen item on the occasion of the fasting month when sugar is used in verities of items.


Source for more insights:

The Daily Star

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The interest of farmers is gradually growing, according to Mozder Hossain, Deputy Director of the Department of Agricultural Extension, because this industry has suitable production and marketing mechanisms. Farmers’ level extension of strawberry farming has started bringing a new horizon in the field of agriculture and economic sectors in the region.

The price of strawberries is currently between Taka 500 and 600 per kilogram at retail outlets. Farmers and consumers in general have both been embracing it cautiously. According to Professor Hossain, a senior instructor in the Department of Botany at Rajshahi University, this fruit will be a successful crop if it is grown on a wide scale. This very nutritious fruit will be affordable to the general public without import.



Source for more insights:

The Daily Sun

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