The spice market has been hit hard by a supply shortage, stemming from import disruptions caused by dollar crises and regulatory duties.
Over the past three months, this scarcity has led to a significant surge in spice prices. Market insiders reveal that the situation has been further exacerbated by a syndicate of unethical traders seeking to exploit the heightened demand ahead of Eid-ul-Azha. Importers and traders of spices point out that, apart from cumin, the prices of several spices have actually dropped in the international market.
Retailers and wholesalers confirm that spice prices have skyrocketed by 50% to 100% in recent months. Particularly affected is cumin, a staple ingredient in the garam masala blend favored by the middle class, which has nearly doubled in price. Currently, cumin is being sold at wholesale levels for Tk 770-Tk 850 per kg, while at retail levels, it commands a price of around Tk 1,000 per kg. Comparatively, three months ago, cumin was sold at Tk 350-Tk 400 per kg, making the current price approximately Tk 450 higher. These observations come from traders at Chattogram’s Khatunganj market, one of the largest wholesale markets in the country.
Likewise, cardamom prices have surged by Tk 400 to reach Tk 1,500 per kg, cloves have increased by T k800 to reach Tk 1,500 per kg, nutmeg has risen by Tk 1,000 to stand at Tk 3,000 per kg, fennel seed (mouri) has gone up by Tk 200 to reach Tk 310 per kg, black pepper has climbed by Tk 150 to hit Tk 670 per kg, and jayotree (mace) has seen a Tk 150 increase, reaching Tk 750 per kg. Furthermore, cinnamon has risen by Tk 70 to reach Tk 320, coriander by Tk 60 to Tk 180, mustard by Tk 50 to Tk 105, and tejpata (bay leaf) by Tk 20 to Tk 90.
Imported ginger and garlic from China have also experienced price volatility due to supply shortages. Currently, ginger imported from Myanmar and Vietnam is being sold for Tk 260-Tk 280 per kg, whereas it was previously priced at Tk 140. Chinese garlic has also seen a significant price hike, reaching Tk 250 per kg compared to its previous rate of Tk 120 per kg.
Red chili, which usually fluctuates between Tk 150 to Tk 250, is currently being sold at Tk 450-Tk 500. Dried turmeric is currently priced at Tk 125-130 per kg. Indian onion is available for Tk 25-Tk 45 per kg, while local onions are priced at Tk 50-Tk 52 per kg, which dropped from Tk 100 following the recent government decision to allow onion imports.
