Govt backtracks from imposing duty on import of sugar

The government has backtracked from plans to levy duty on the import of sugar.

Commerce Minister Tofail Ahmed said the government took the decision to keep the supply and price of essential commodities stable during Ramadan.
 
The minister was holding a meeting with traders on Tuesday.
 
The industries ministry had declared imposition of Tk 10 duty on every kilogram of imported sugar in a bid to sell off the stock of 1.5 million tonnes under the state-run Bangladesh Sugar and Food Industries Corporation.
 
Talking to media before the meeting, Ahmed said Bangladesh required 1.3 to 1.4 million tonnes of sugar every year.
 
Some 1.48 million tonnes had already been imported in the current financial year.
 
Sugar was selling at Tk 38 per kg at the retail market, he said.
 
‘Price will not soar during Ramadan’
 
Commerce Minister Ahmed said 400,000 tonnes of lentil were imported against an annual demand of 375,000 tonnes.
 
According to him, the demand of chickpeas was 60,000 tonnes and 350,000 tonnes were imported.
 
For the Ramadan, 17,000 tonnes of dates had been imported against the demand of 15,000 tonnes, he said.
 
Ahmed said the annual demand of onion is 2.1 to 2.2 million tonnes while Bangladesh produced 1.9 million tonnes and imported 492,000 tonnes.
 
The demand of ginger is 300,000 tonnes and the local production is 250,000 tonnes, while 51,000 tonnes were imported, according to the minister.
 
He also said the reserves of garlic, turmeric, hot spices and other essential commodities were sufficient.
 
“The prices and supplies of essential commodities will be normal not only during Ramadan, but also through the year,” Ahmed claimed.
 
“Businessmen will do business and the government will help them. We are ready to provide all sorts of help,” he added.