Spice prices unexpectedly dip before Eid

Published 2020년 7월 6일

Tridge summary

Spice prices in Bangladesh are experiencing a unexpected decline less than a month before Eid-ul-Azha, despite the usual price hike due to increased demand. The pandemic has led to a significant decrease in sales, with some areas seeing up to a 60% drop. This is due to reduced demand from social gatherings and struggling restaurants, as well as a decrease in international sales. The domino effect of the pandemic, including smuggling of cooking ingredients from neighboring countries and a transportation crisis, has further worsened the situation. As a result, the market remains deserted, and traders are facing potential losses with an oversupply of spices.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Spice prices are exhibiting an unexpected downtrend less than a month ahead of Eid-ul-Azha - the second largest religious festival in the country. Spice prices usually spike before Eid at Chattogram's Khatunganj market - the country's major wholesale hub of spices and other food commodities - and elsewhere in the country, as opportunistic traders move to cash in on the surge in demand for essential cooking ingredients. Instead of rising, the prices this year have dropped amid the pandemic. Wholesalers and retailers in Dhaka and port city Chattogram said their sales have plummeted up to 60 percent. Dhaka's Moulvibazar spice market traders said demand for cooking essentials was lower than in usual times. Meanwhile, Khatunganj traders said they were not getting enough buyers compared to the same period in previous years. Feasts at weddings or picnics used to purchase spices in bulk. Additionally, restaurants and eateries were some of the main customers for spices. As social ...

Source: TBS