Bangladesh: Sharp drop in frozen meat, fish imports triggers price hikes in local market
Published Aug 14, 2023
Import restrictions in Bangladesh aimed at addressing the country's dollar crisis have resulted in a significant decline in imports of frozen fish and meat. As a result, the prices of meat and fish in the domestic market have increased, with beef and buffalo meat being sold at around Tk900 per kg. The reduced imports have also led to shortages of fish, causing a significant rise in fish prices.
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Import restrictions aimed at addressing the dollar crisis in the country has led to an unusual decline in imports of frozen fish and meat. Consequently, this has contributed to a rise in the prices of meat and fish within the domestic market. According to the Chattogram Customs House, the import of frozen boneless bovine meat has witnessed a drastic decline of 93%, and frozen fish imports have similarly decreased by 82% within the span of a year. Consequently, the retail prices of beef, buffalo, and goat meat have surged by Tk300 to Tk350 per kg over this one-year period. Currently, beef and buffalo meat are being sold at around Tk900 per kg, a notable increase from Tk600 to Tk700 per kg a year ago. Furthermore, the reduced imports have led to shortages of both domestic marine fish and freshwater farmed fish. This scarcity has driven the market price of fish per kg to rise significantly, with increases ranging from 20% to 50%. According to Chattogram Customs House data, the fiscal ...