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Egg Prices Soar Amidst Market Mismanagement Concerns

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The price of broiler chicken eggs in markets around the capital city of Bangladesh has experienced a rapid increase, reaching Tk 170-180 (equivalent to Tk 14-15 per piece) per dozen within just one week. Additionally, local chicken eggs have been observed selling for Tk 220-230 per dozen in some city areas.

Market experts and individuals involved in the egg industry attribute this drastic price instability to mismanagement within the market. According to Alam, the president of the Baridhara Notun Bazar Owners Association, recurring price hikes are due to supply mismanagement and a lack of proper oversight, which have led to an unpredictable market environment. He emphasized the importance of identifying the root causes behind these frequent price surges and stressed the need for effective intervention by relevant agencies.

Nadeem, a customer at Gulshan kitchen market, echoed concerns about weak market monitoring systems, allowing traders to frequently increase prices. He called upon relevant authorities to take robust measures to address this issue.

The Bangladesh Poultry Association (BPA), representing local egg and chicken producers, has urged for coordinated efforts in market management to ensure fair pricing. BPA President Sumon Hawlader highlighted the necessity of strengthening market monitoring and adjusting egg and chicken prices reasonably, considering production costs. Hawlader emphasized that such measures are crucial to stabilize market conditions and prevent syndicates from causing price instability.

Recent data from the Trading Corporation of Bangladesh (TCB) revealed a significant 10 percent increase in the price of broiler chicken eggs to Tk 140-150 per dozen within a week, compared to the previous week’s prices.

The Bangladesh Egg Producers Association reported that the country requires between 35 and 40 million eggs per day to meet consumer demand, with the majority being sourced domestically. Over the past decade, the nation’s egg production has more than doubled, increasing from 1.017 billion eggs in 2013–14 to 2.338 billion eggs in 2022–23, according to the Department of Livestock.

Fisheries and Livestock Minister SM Rezaul Karim indicated that the cost of egg production exceeds Tk 10.50 per egg, and considering other costs and profits, he suggested that egg prices should not surpass Tk 12. He stated that if proper pricing is maintained at this level, both producers and consumers would benefit, and necessary action would be taken against attempts to manipulate prices under the Consumer Rights Protection Act, 2009.

In light of the market instability, the government is contemplating importing eggs to restore stability. Commerce Minister Tipu Munshi mentioned that the Commerce Ministry’s decision to import eggs would require cooperation from the Ministry of Fisheries and Livestock.

In response, the Livestock Minister noted that the matter of egg imports would be approached differently. He emphasized that ensuring efficient market management could potentially eliminate the need for imports, given the current egg production rate in the country.

Regarding price regulation, the commerce minister highlighted that if the Ministry of Fisheries and Livestock determines market prices for eggs, the Directorate of National Consumers’ Right Protection would conduct inspections to ensure price control. To address the volatile egg market, the Directorate of National Consumers’ Right Protection has already initiated inspections of various warehouses in the capital and imposed fines as necessary.

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PM Sheikh Hasina Calls for Unity Against Genocide in Gaza

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Sheikh Hasina

Prime Minister Sheikh Hasina today urged the Muslim community to unite against the genocide in Gaza being perpetrated by Israel.

“This genocide in Gaza is unacceptable. We must all stand united against it,” she stated.

The Prime Minister made these remarks during a courtesy call from Egyptian Ambassador to Bangladesh, Omar Mohie Eldin Ahmed Fahmy, at her office.

Advocacy for Peace and Welfare
PM’s Deputy Press Secretary, KM Shakhawat Moon, briefed journalists after the meeting. Moon reported that the Prime Minister reiterated Bangladesh’s firm stance against the ongoing war. She appealed for reallocating funds used for arms production and warfare towards the welfare of humanity, particularly focusing on women and children.

“It is far more effective to redirect the funds from arms production and wars towards the betterment of mankind,” she emphasized.

Sheikh Hasina noted that she consistently voices her opposition to the genocide in Gaza in every forum she attends.

Strengthening Bilateral Relations with Egypt
The Prime Minister also highlighted the untapped potential in the bilateral relations between Bangladesh and Egypt, which have not progressed as expected. She mentioned that the total trade volume between the two countries was USD 180.6 million (Export USD 30.1 million and Import USD 150.5 million) in the 2022-23 fiscal year.

She suggested that collaboration in agriculture, textiles, pharmaceuticals, tourism, and education could be mutually beneficial.

Egyptian Ambassador’s Response
Ambassador Fahmy echoed the Prime Minister’s sentiments, stating that the Muslim Ummah needs to be more united against the genocide in Palestine. He praised the socioeconomic development of Bangladesh under Sheikh Hasina’s leadership, stating, “A leader like you is needed not only in Bangladesh but also across the world.”

Fahmy also mentioned that the Grand Imam of Egypt, whose rank is equivalent to that of a Prime Minister in Egypt’s constitution, wishes to visit Bangladesh. Sheikh Hasina responded positively, expressing Bangladesh’s eagerness to welcome him.

Expanding Trade and Friendship
The Egyptian ambassador expressed interest in increasing trade and business between the two countries. He also commended Bangladesh’s friendly relations with all nations and reminisced about the friendship between the Father of the Nation of Bangladesh, Bangabandhu Sheikh Mujibur Rahman, and former Egyptian Prime Minister Anwar Sadaat.

PM’s Ambassador-at-Large Mohammad Ziauddin and Principal Secretary Md Tofazzel Hossain Miah were among those present at the meeting.

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Met: Light to Moderate Rain with Gusty Winds Expected

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Light to moderate rain or thundershowers accompanied by temporary gusty winds are expected in several regions, with heavier downpours likely in northern, central, and northeastern divisions.

“Light to moderate rain or thundershowers accompanied by temporary gusty wind is likely to occur at many places over Rangpur, Mymensingh, and Sylhet divisions and at one or two places over Rajshahi, Dhaka, Khulna, Barishal, and Chattogram divisions with moderately heavy to heavy falls at places over Rangpur, Mymensingh, and Sylhet divisions,” stated a Met Office forecast.

The axis of the monsoon trough stretches from Punjab, Haryana, Uttar Pradesh, Bihar, and West Bengal to Assam, crossing northern Bangladesh. One associated trough extends to the North Bay.

The monsoon is currently fairly active over Bangladesh and moderate over the North Bay, according to the meteorological release valid for the next 24 hours starting from 9 am today.

On Saturday, the maximum temperature in the country was recorded at 36.0 degrees Celsius in Rajshahi, while the minimum temperature today was 24.8 degrees Celsius in Bandarban.

The highest rainfall in the last 24 hours up to 6 am today was recorded at 51 millimeters in Mongla.

Day and night temperatures may rise slightly across the country.

In the capital, the sun will set at 6:49 PM today and rise at 5:20 AM tomorrow.

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PM Sheikh Hasina to Address Media on China Visit Tomorrow

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Sheikh Hasina

Prime Minister Sheikh Hasina will hold a media briefing tomorrow (14 July) to discuss her recent visit to China, according to a statement from her press wing.

“The press conference will take place at the prime minister’s official residence, Gono Bhaban, at 4pm,” the release stated.

Prime Minister Sheikh Hasina embarked on an official visit to China on Monday (8 July) at the invitation of Chinese Premier Li Qiang and returned on Thursday (11 July).

During her stay in Beijing from 8-10 July, she met with Chinese President Xi Jinping and held bilateral talks with her Chinese counterpart Li Qiang at the Great Hall of the People.

Following the delegation-level discussions on Wednesday morning, Bangladesh and China signed and renewed 21 cooperation documents, primarily Memorandums of Understanding (MoUs), aimed at strengthening development and economic ties between the two nations.

Additionally, both countries announced seven key outcomes, including the completion of a joint feasibility study on a Bangladesh-China Free Trade Agreement (FTA).

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