Spice prices going down as supply picks up ahead of Eid
Prices of several spices have gone down in the port city's wholesale and retail markets, due to increased supply ahead of Eid-ul-Azha.
Normally, prices of all kinds of spices go up ahead of such festivals. This year, however, traders had to reduce prices, as supply increased but the desired demand did not.
Prices of cumin, cinnamon, turmeric, clove, garlic, ginger and cardamom have dropped 3 to 20 percent in just a month. Many ambitious traders have suffered huge losses, as prices continue to fall.
Amidst all this, the price of onion has risen by Tk 10 during the period. It is being sold for Tk 50 to 60 per kilo at wholesale markets and Tk 55 to 65 at retail markets.
According to Chattogram Customs House, total imports of seven spices -- pepper, cinnamon, turmeric, cardamoms, cloves, cumin and garlic -- through Chattogram port from April to June stood at around 37 lakh tonnes, 7 lakh more than previous year's imports during the same period.
Sagir Ahmed, general secretary of Khatunganj Traders Association, told The Daily Star, "Traders imported and stocked more due to the Covid-19 situation, but the demand has decreased. If this continues, most importers and wholesalers will face losses."
On the bright side, people of Chattogram are happy with the prices.
Amirul Islam, former banker and resident of the city's GEC area, said, "The traders artificially increase prices every year, but that didn't happen this year."
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