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Corporate - January 24, 2024

Price of spices increasing in Khatunganj

Ctg Bureau : Compared to the last few years, the import of various spices through Chittagong port has increased manifold this year. Most of these spices are directly entering the country’s largest consumer goods market, Khatunganj. From there it is marketed all over the country; But even after the upward import there is no benefit in the retail market. The prices of these products are increasing. The wholesale market itself has increased up to four Tk 100 in the last two months in Khatunganj itself. Importers attribute the increase in prices to the imposition of additional duties on imports. They complain that the dollar crisis is equally affecting the traders.

In November last year, in Khatunganj, cardamom increased by Tk 500 to Tk 2,100, cloves increased by Tk 20 to Tk 1,500, cinnamon increased by Tk 40 to Tk 410, nutmeg increased by Tk 30 to Tk 670, Indian dry pepper increased by Tk 20 to Tk 280, Indian turmeric Tk 20 The price increased by Tk 200, local turmeric increased by Tk 25 to Tk 200, kalijira increased by Tk 10 to Tk 240, fenugreek rose by Tk 15 to Tk 125 and coriander increased by Tk 25 to Tk 185. At that time, sweet cumin was sold at Tk 280, Jayatri at Tk 2,450 and Tejpata at Tk 60.
In December, Jayatri rose by Tk 400 to Tk 2,850, cardamom by Tk 300 to Tk 2,400, cloves by Tk 300 to Tk 1,800, Indian dry chilli by Tk 150 to Tk 430, cinnamon by Tk 50 to Tk 460, sweet cumin at Tk 40. Tk 320 increased, nutmeg increased by Tk 30 to Tk 700, bay leaves increased by Tk 30 to Tk 90, Kalijira increased by Tk20 to Tk 260, fenugreek increased by Tk 5 to Tk 130, Indian turmeric increased by Tk 10 to Tk 210, local turmeric increased by Tk 5 to Tk 205. being Apart from that per kg Coriander (local) sold for Tk200 to Tk220. Currently, the products are being sold at the same price.
According to Chittagong Sea Port Plant Protection Center, various spices including onion, garlic, cinnamon, cloves, nutmeg, jaitri, cardamom, coriander, cumin, ginger and turmeric are imported from different countries of the world through Chittagong port. Compared to 2022, more than 30,717 tons of spices were imported through Chittagong port in 2023. In 2022, 1 lakh 51 thousand 933 tons of spices were imported through Chittagong port. On the other hand, 1 lakh 82 thousand 650 tons were imported last year. In 2022, Customs earned a revenue of Tk 453 crore 48 lakh 16 thousand 809 through the import of spices. On the other hand, last year’s income was Tk 663 crore 79 lakh 45 thousand 806.
Chittagong Seaport Plant Contagion Center Deputy Director Dr. Mohammad Shah Alam said that 2,419 tons of cardamom have been imported in the first six months of the current 2023-2024 financial year. 82 tons of cardamom arrived in December alone. In the financial year 2022-23, 4,844 tons of cardamom arrived. In the fiscal year 2020-21, 3,906 tons have arrived.
On the other hand, 4,470 tons of cinnamon have been imported in the first six months of the current fiscal year 2023-2024. 698 tons arrived in December alone. On the other hand, 15,752 tons of cinnamon have been imported in the fiscal year 2022-23. Last December, 33 tons of cloves were imported through Chittagong port. In the first six months of the current financial year, 422 tons have been imported. In the previous financial year, 1,275 tons of cloves arrived.
Along with the demand, the import of cumin has also increased. Only in the month of December, 4,741 tons of cumin were imported through Chittagong port. In the first six months of the current financial year, 6,030 tons have been imported. 3,669 tons came in the last financial year.
Khatunganj’s spice importer Farooq Ahmad said, ‘Spices are considered a luxury product. Therefore, you have to pay more duty on the import of these products. About 51 percent duty has to be paid. Besides, import cost has increased due to high dollar rate. Because of this, the spice market has risen.
Amar Kanti Das, president of the Chittagong Spice Importers Association, said, ‘The spice business depends on India. If the price goes up there, it goes up here too. And now there is a dollar crisis. It has become difficult to import spices with 100 percent margin. Due to this, the prices of various spices including cardamom, cinnamon, cloves have increased.

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