Prices of spices, dry foods soar as assessment value hiked in 5 products in Bangladesh

Published Jul 28, 2023

Tridge summary

The customs authority in the country has suddenly increased the assessment value of five spice and dry food products, causing prices in the market to skyrocket. Importers and traders are confused by the sudden change, as there has been no change in the international market and enough supply. The increase in assessment value has led to a surge in wholesale prices, causing concern among traders and consumer associations.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The country's spice and dry foods market has skyrocketed to an extreme high as the customs authority has abruptly increased the assessment value of five products. The assessment value (purchase price of imported goods determined by customs) of these five items – pistachio, caraway seeds, cumin, almond, and alu bukhara – was increased last Sunday. This jump has caused a ripple effect in the market, causing prices of almost all kinds of spices and dry foods in the market to skyrocket in the last five days. Traders are baffled by the sudden change, saying it has pushed prices to jump suddenly even when there is enough supply and no price change in the international market. Md Lutfor Rahman, a former member of the National Board of Revenue (NBR) told The Business Standard, "It is not logical to assess import value according to the local market. It should be done on the basis of transaction value." Meanwhile, the customs authority says the change was brought after checking the local ...
Source: TBS
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.