Economy
Spice Market in Turmoil as Supply Shortage Ignites Price Surge
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.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
