Food supplies expected to be sufficient in Ramadan amid rising imports

Imports and the opening of letters of credit (LCs) for edible oil, sugar, lentils, chickpeas, and dates have increased from last year ahead of the holy month of Ramadan, officials said at a meeting held at the Ministry of Commerce on Monday.

The rise in imports of these key essentials has raised expectations that supplies will remain normal and be sufficient to meet increased demand during Ramadan, as per data presented by the Bangladesh Trade and Tariff Commission (BTTC) at the meeting, chaired by Commerce Minister Khandaker Abdul Muktadir.

Meanwhile, prices of eggs, broiler chicken, and lentils have declined in the domestic market, while edible oil and sugar prices remain stable, as per the BTTC data.

However, the importance of closely monitoring international market conditions, import costs, and the tariff structure was also emphasised in the meeting.

The discussions focused on ensuring adequate supplies of commodities during the upcoming Ramadan, maintaining price stability, and resolving complexities related to imports and tariffs.

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Progress in imports and letters of credit

According to data from the Bangladesh Trade and Tariff Commission, imports of edible oil, sugar, chickpeas, lentils, and dates increased between 1 July and 25 October of the current fiscal year compared with the same period last year.

During this period, total edible oil imports reached 823,000 metric tonnes, up by 118,000 metric tonnes from 705,000 metric tonnes during the corresponding period last year. Letters of credit opened for edible oil amounted to 805,000 metric tonnes, an increase of 131,000 metric tonnes compared with the same period a year earlier. In addition, soybean imports reached 501,000 metric tonnes, up by 113,000 metric tonnes from the previous year.

Sugar imports stood at 687,000 metric tonnes, an increase of 153,000 metric tonnes compared with the same period last year. The volume of letters of credit opened for sugar reached 810,000 metric tonnes.

Imports of chickpeas, one of the key ingredients for iftar during Ramadan, also recorded a significant increase. As of October 25 of the current fiscal year, chickpea imports reached 82,000 metric tonnes, compared with 12,000 metric tonnes during the same period last year. This represents an increase of 70,000 metric tonnes. During the same period, letters of credit were opened for 138,000 metric tonnes of chickpeas.

Meanwhile, lentil imports reached 122,000 metric tonnes, up by 64,000 metric tonnes compared with the same period last year. The volume of letters of credit opened for lentils stood at 114,000 metric tonnes.

Date imports amounted to 11,000 metric tonnes, compared with 4,000 metric tonnes during the corresponding period last year.