Bangladesh: Ginger price up 50% as traders cut import

The price of ginger has surged 50% over the past couple of days as traders cut imports from a fear of making losses amid the global price volatility and local variety hitting the market. The Chinese variety of ginger which is currently 90% in the market sold at Tk150 per kg at Khatunganj – the country's largest wholesale hub for essential commodities – on Friday. It was below Tk100 ten days ago. Besides, one kilogram of Myanmar variety ginger sold at Tk55-60 per kg and newly-hit local variety at Tk70 on the day. "Ginger market has been almost fully dependent on imports for the last few months. Many importers, however, incurred losses for various reasons," Newaz Morshed, proprietor of M/s Ajmir Traders at the wholesale hub, told The Business Standard. As the global price has now been on the rise amid the local ginger starting to hit the market, traders have reduced their imports which ultimately caused a supply shortage of the spice, he added. Junaidul Haque, owner of M/s Makka ...