Ramadan imports surge, prices may drop

Imports of daily necessities in high demand during Ramadan have increased significantly, with consumers expecting prices to remain stable for these items during the fasting month.  

According to data from the Bangladesh Bank, imports of daily commodities ahead of the fasting month have risen significantly, with dates up by 23% year-on-year between October and January, peas and lentils by 85%, chickpeas by 64%, and soybean oil by 34%. 

Central bank data on letter of credit (LC) settlements from October last year to January this year show that 4.54 lakh tonnes of sugar were imported during this period for the upcoming Ramadan, compared to 3.78 lakh tonnes in the equivalent period before the previous Ramadan. 

Soybean oil imports for the upcoming Ramadan have reached 5.98 lakh tonnes, a 34% increase from 4.47 lakh tonnes in the three months before the previous Ramadan.  

Chickpea imports for iftar during Ramadan have reached 97,000 tonnes, a 64% increase year-on-year, while ginger imports have risen by 52,000 tonnes, up 56%.  

Date imports increased by 14,420 tonnes, a 23% rise, while onion imports grew by 2.80 lakh tonnes, a 2% increase compared to last year.  

Syed Mahbubur Rahman, managing director of Mutual Trust Bank, told The Business Standard, "The import of essential commodities has increased significantly ahead of Ramadan. The remittance flow to banks has been very strong over the last six months, enabling banks to easily open import LCs for essential commodities."  

He said the small difference between the dollar rate in the kerb market and the bank rate has led expatriates to send more remittances through banking channels than through hundi.  

Speaking to TBS, Najmus Shakib from Kadamtali, Old Dhaka, purchased packaged dates for Tk450 per kg on Thursday, spending Tk2,250 for five kg.  

He noted that such dates typically cost Tk600 to Tk700 before Ramadan, making this year's price lower.  

Maruf Billah mentioned that vegetable prices are also lower this Ramadan, with onions at Tk50 per kg, cucumbers at Tk30, and brinjal at Tk40, he shared his experience with this correspondent.  

He added that six months ago, these vegetables were priced around Tk100 per kg. Billah hopes that the prices of imported daily necessities and vegetables remain stable during this Ramadan.  

Importer Majedur Rahman told TBS, "We can open LCs for essential commodities through various means. Banks are opening import LCs easily under government guidelines, allowing us to import large quantities of onions and chickpeas ahead of Ramadan."  

Another date importer, Rabiul Islam Sweet, added, "If banks continue to open LCs consistently, the supply of essential commodities and market prices will remain stable."