Bangladesh: Wheat import falls for third year straight

Published 2023년 7월 7일

Tridge summary

Bangladesh experienced a decline in wheat imports for the third consecutive year, with consumption falling due to high prices and banks' slow processing of letters of credit, along with the US dollar crisis. Wheat arrival in fiscal year 2022-2023 dropped 3.4% compared to the previous year, reaching the lowest level in eight years. The reduced imports and high cost of the US dollar, resulting from the devaluation of Bangladesh's taka, have impacted local consumers' purchasing capacity and their ability to take advantage of the drop in wheat prices.

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Original content

Bangladesh’s wheat imports fell for the third consecutive year, suffered by falling consumption for high prices and banks’ sluggishness in opening letters of credit (LCs) amid the US dollar crisis, importers said yesterday. Wheat arrival declined 3.4 per cent year-on-year to 38.75 lakh tonnes in fiscal year (FY) 2022-23 from 40.12 lakh tonnes the previous year, according to data of the food ministry. The FY23 import of the grain, for which Bangladesh is highly dependent on the international market, was the lowest in eight years. With the drop in wheat imports, overall imports of food grains by Bangladesh’s public and private sectors declined to 49.30 lakh tonnes, down 1.38 per cent from the previous year. Anup Kumar Saha, executive director of Akij Insaf Group, said consumption of wheat flour has reduced amid high prices. “This has impacted imports,” he added. Food ministry data shows that public sector imports edged up in the last fiscal year, but private imports dropped nearly 8 ...

Source: UkrAgroConsult