Big-scale industrial groups used to import onion and other daily commodities during crisis periods. But, this time the importers have hardly any interest.
Businesses said, they have no interest this time as the trade witnessed a big loss last year. However, the traders called urgent meeting in a bid to control the commodities price.
Traders imported 1 lakh 61 thousand 351 tonnes of onions last year for 351 letters of credit. As many as 158 companies imported onions from eight countries. Out of them, Meghna group, BSM, S Alam and City Group bought 23 thousand 288 tonnes of onions which is 37 per cent of the total import. However, the consignments witnessed price fall. Many importers did not unload the batch resulting in many onions rotten.
BSM group Chairman Abul Boshor Chowdhury said, as many as 15 thousand tonnes of onions were imported last year. A big share of the consignment rotten while unloading from the ship bringing bigger loss to the traders.
No result of lessening duties
The National Board of Revenue (NBR) exempted duties on onion and sugar import following request of the commerce ministry
A gazette notification issued by NBR Chairman Abu Hena Md. Rahmatul Munim said, the authorities exempted 5 per cent duties on onion import while the duty on sugar import has been shrunk to 20 per cent from 30 per cent. However, the exemption brought no interest among the traders.
Traders call emergency meeting
The Federation of Bangladesh Chamber and Commerce Industries (FBCCI) called a meeting to exchange views on stock, import, supply and price of various daily commodities. Traders of different levels will take part in the meeting.
The FBCCI president Md Jasim Uddin said, the price hike of daily commodities brings sufferings to people in all of its forms.
“We want to know the details about this. So, we called the meeting,” he told TheReport.live.
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