• Friday, Jan 28, 2022
  • Last Update : 03:32 am

Spice market stable amid huge stock

  • Published at 08:46 pm July 14th, 2020
web-spice-import-economy
Syed Zakir Hossain/Dhaka Tibune

Visiting several spice markets in the capital, Dhaka Tribune found traders displaying a wide array of spices in abundance, while turnout of customers was low

Prices of spices have remained stable in the retail and wholesale markets as supply is more than demand amid the Covid-19 pandemic.

This year the prices did not increase in the markets, rather reduced in some cases due to the abundance of supply in the market and fall in demand, bringing relief to consumers.

Visiting several spice markets in the capital, Dhaka Tribune found traders displaying a wide array of spices in abundance, while turnout of customers was low.

It was found that per kilogram of cardamom sold at Tk2,800-Tk2,900, which was Tk5,000-Tk4,400 before the pandemic. 

Cinnamon was sold at Tk320-360 per kg, down from Tk400-480 per kg a few months ago, while prices of cumin and cloves remained stable at Tk320-360 per kg and Tk800-850 per kg respectively.

Prices of pepper, however, increased to Tk450-480 per kg, which was Tk320-350 a kilo in June.

The prices of ginger, garlic and onion have also remained stable for the last few weeks.

A kilogram of local onion sold in retail at Tk34 per kg, imported onion at Tk24 per kg, Indian garlic at Tk70 per kg and imported ginger at Tk110 per kg.

Ali Asgar, a spice wholesaler, said the Covid-19 had adversely affected the purchasing capacity of customers, decreasing the sales volume remarkably since March. 

Haji Enayet Ullah, president of Bangladesh Wholesale Hot Spice Traders Association, has said the prices of spices have been stable for many days now.

There are very few customers to purchase spices ahead of Eid. Besides, increased production and supply of spices from spice-producing countries had affected the prices in the local market, he added.

Lack of social functions such as weddings and other occasions amid the pandemic had also been another factor  behind the fall in demand for spices, he said further.

The capital is also known to be a distribution hub for supplying spices across the country. But disruption in the supply chain and distribution network due to the pandemic have  resulted in an abundance of stock in Dhaka, Enayet says.

In the meantime, if spices started coming from India, then the price would go down further, traders have said.

 But the spice traders' association chief has predicted that both sale and prices of spices will not increase ahead of the Eid.

On May 13, Bangladesh Wholesale Hot Spices Traders Association announced a 10-25% reduction in the price of spices at a meeting with Commerce Minister Tipu Munshi.

Spice traders attributed the announcement to the decline in spice prices in the markets.

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