Dhaka:The Commerce Minister expressed concern over the significant increase in malta prices, questioning how the fruit is being sold at Tk 520 per kg despite accounting for import costs, duties, and taxes.
According to United News of Bangladesh, the minister emphasized that unjustified price hikes would not be tolerated, during a meeting with traders and government representatives. He urged importers to expedite the opening of letters of credit and increase imports of malta, dates, and other fruits to stabilize prices. The Directorate of National Consumer Rights Protection was instructed to act against any evidence of overpricing.
Traders attributed the price surge to a supply shortfall, noting that only 12 to 29 containers of malta arrived during some weeks compared to the typical daily demand of around 15 containers. Importers cited high duties, transport costs, shipping and port issues, and previous losses as reasons for reduced imports. They also mentioned the risks associated with the perishability of malta.
The minister assured traders that the duties on malta would be reviewed and emphasized the need to import from alternative sources promptly. He also encouraged preparations for date imports in anticipation of upcoming demand, with a government decision on date duties expected soon. The Bangladesh Trade and Tariff Commission will engage with importers to verify international source prices and propose a rational indicative price to the National Board of Revenue.
The meeting highlighted the need for a transparent valuation system that prevents unreasonable assessments and revenue evasion. An NBR representative noted inconsistencies in customs valuation reflecting the actual purchase prices of dates. Discussions included the importance of considering international market prices for realistic valuation.
Date importers expressed concerns about delays in shipments due to international transportation and port challenges, stressing the urgency for a decision on duties to ensure timely imports. Traders committed to increasing imports of malta and other fruits from alternative sources, while the government pledged to address genuine issues related to duties, taxes, and the import process.