Imports of most essential commodities related to Ramadan increased in the first six months of the current fiscal year 2024-25, with the Bangladesh Trade and Tariff Commission (BTTC) stating that the prices of these items, whose demand rises during the fasting month, would remain stable.

In a report submitted to the commerce ministry at the end of last week, the commission identified 16 essential commodities that see higher demand during Ramadan as people prepare special dishes, snacks, and traditional foods.

The BTTC reported that imports of lentils, crude soybean oil, refined sugar, and chickpeas increased between July 1, 2024 and January 5, 2025 compared to the previous year. For example, lentil imports soared by 32 percent year-on-year to 2.51 lakh tonnes during this period.

Import of chickpea, one of the most consumed items during the month, surged by 188 percent to 48,980 tonnes between July 1, 2024 and January 5, 2025 compared to the previous year. The BTTC noted that Bangladesh requires half of its annual chickpea demand of 2 lakh tonnes during Ramadan.

Among edible oils, private refiners imported 40 percent more crude soybean oil, reaching 3.84 lakh tonnes during the first six months of the fiscal year. However, palm oil imports dipped by 27 percent to 7.11 lakh tonnes compared to the previous year.

Similarly, imports of raw sugar and onions also fell, according to the report.

The BTTC analysed the imports of commodities during the November-December periods of 2023 and 2024 and noted a decrease in the imports of lentils, palm oil, raw sugar, coarse sugar, and wheat during this time.

The BTTC stated that the government's decision, particularly the reduction of import duty and Value Added Tax (VAT), along with various initiatives to keep essential commodity prices affordable in the local market, positively impacted imports and supply.

Conversely, imports of crude soybean oil, refined sugar, onions, chickpeas, rice, dates, and eggs increased during the same period, according to BTTC data.

The report also mentions that among locally produced commodities, the price of onions has decreased due to the arrival of early varieties in the market.

The BTTC indicated that edible oil prices may fall during Ramadan due to the downward trend in international prices and reductions in import duties and taxes.

The report further stated that consumers would be able to buy dates at lower prices than last year, as the total import duty for the fruit has been reduced to 41 percent from 63.6 percent.

However, due to the increase in international prices of lentils and chickpeas, it is necessary to monitor the stock and supply of these two commodities in the local market, the report added.

It also emphasised the need to keep the exchange rate stable to prevent import costs from rising. The BTTC suggested that the government ensure proper alignment of fiscal and monetary policies.