Garlic and Ginger Prices are up Ahead of the Eid Festival in Bangladesh

Published 2021년 7월 20일

Seven days ahead of Eid-ul-Azha, prices of garlic and ginger spiked in Bangladesh by at least 20-30%. Wholesalers and retailers blamed the unscrupulous traders as they took undue advantage of increased demand and inflated the prices. This year the shortage was even more grave due to limited imports from China, India, and Myanmar coupled with increased demand among consumers due to the upcoming stringent lockdown announcement by the government.

Every year during the week of Eid-ul-Azha, the prices of vegetables like potatoes, onions, garlic, and ginger start increasing as these vegetables are key ingredients for preparing traditional and elaborate meals for Eid. The festival began on 19th July 2021 and continues across the world till 21st July 2021. This year, the prices of garlic and ginger soared 7 days ahead of the main festival, increasing the pressure on consumers who were already battling price inflation of other essential commodities amid the pandemic. The problem is particularly grave this year as the import of garlic and ginger has been limited due to lockdowns in Bangladesh and the outbreak of COVID-19 in the main sourcing countries.

According to the Trading Corporation of Bangladesh (TCB), the prices of garlic and ginger increased by 20-30% seven days before the festive season, for both local and imported varieties. According to the wholesalers and local retailers, unscrupulous traders were taking undue advantage of Eid-ul-Azha and manipulating the prices despite a steady supply. In the last 6 months, ginger prices increased from USD 0.66 per kg in January 2021 to USD 0.78 per kg in July 2021, whereas garlic prices rose from USD 1.14 per kg to USD 1.52 per kg during the same period.

Source: Tridge. Prices.

Source: Tridge. Prices.

It is common to see prices of these essential species shoot up ahead of Eid-ul-Azha in the country. However this year, the situation became tense as the imported volume of ginger and was small in comparison to the previous years due to reduced production value in China, India, and Myanmar, which are major exporters of garlic and ginger to Bangladesh. The price of Chinese ginger witnessed a rise in the international market during this period, and Bangladesh refrained from importing ginger from the country due to the fear of the COVID-19 outbreak. Similarly, prices of imported ginger and garlic from India and Myanmar have also increased due to the supply crunch.

Consumers in Bangladesh are concerned about the shortage of these spices in the coming weeks due to stringent lockdown measures being imposed by the government. Despite the high prices, buyers are buying large quantities of garlic and ginger to ensure they have enough stock for the coming week. The increased demand due to Eid-ul-Azha, coupled with panic buying, is likely to push up prices even further in the coming weeks.