It is very disturbing that the prices of 90 of the top 100 imported goods unloaded at Chittagong Port have gone up as compared to the first four months of the last financial year. These products include consumer goods as well as industrial raw materials. Both are very important. We need to import consumer goods to feed and save people. There is no alternative to importing raw materials to keep the industry afloat.
According to Prothom Alo, the amount of imports in the first four months of the current fiscal is not much different from the first four months of the fiscal 2020-21. Only 1 ton of extra goods has been imported this year. But prices have risen 42 per cent. Concerned people said that although the prices of many products have gone up in the international market, it has not yet hit the domestic market.
Previously imported products are being sold. When new invoices arrive, the prices of these products will also go up. In addition, the increase in ship fares has increased the cost of imported goods.
According to trade experts, the demand for industrial raw materials in the world market was low due to Covid-19. As a result, the price was lower. As the corona situation improves, the world economy is starting to turn around and the demand for these products in the world market has also increased.
The advantage of developed countries is that they export much more than the amount of goods they import from abroad. But Bangladesh has to import large amount of industrial raw materials and consumer goods. According to traders and commerce ministry officials, soybean oil, which was priced at USD 800 a year ago, is now being sold at USD 1480 at global market.
In addition to rising commodity prices in the international market, the Bangladeshi currency has depreciated. At present, in the open market, the customer gets Tk 90.10 for a US dollar. However, the rate set by Bangladesh Bank is Tk 86.
In addition to the dollar, almost all other foreign currencies such as the pound, euro, Saudi riyal, Kuwaiti dinar and Indian currency also rose in banks and on the open market. If the US dollar appreciates further against the BDT, it will have an adverse effect on imported goods as well. On the other hand, exporters will benefit.
It is true that the government has no control over the global market, but they can take some steps to keep the inflation at a tolerable level. For people with limited income, it is necessary to increase the sale of products in the open market through TCB. Apart from this, prices can be kept stable by reducing tariffs on imported goods. The government has already reduced the import duty on onions and rice. Secondly, how much the price of which product has gone up in the international market, and how much importers are increasing the price in Bangladesh, needs to be closely monitored.
Amidst these worries, it is a positive thing that the rising fuel prices in the international market have started declining again. Experts also believe that there is no reason to increase fuel prices in the current situation. In that case, the government can reduce the price of fuel and bring it back to normal. At least it will be possible to reduce the cost of transporting goods and passenger fares.