In a bid to address soaring prices and ensure market stability, the Bangladesh government has authorized the import of 34,000 tons of potatoes from India. This strategic move has already led to a significant reduction in retail prices, with costs dropping from Taka 40-45 to Taka 25-30 per kg. Anticipating the upcoming Ramadan season, 49 traders are poised to commence imports over the weekend.
Last year, a shortage in potato supply led to uncontrollable price hikes, prompting the government to allow potato imports from India in October. Consequently, the price of imported potatoes decreased, prompting a cessation of imports from December 15. However, with market volatility persisting, the government has resumed imports to stabilize prices.
Despite the peak harvest season, potato prices remain stubbornly high. To address this, the Agriculture Ministry has granted permission to over 60 importers to bring in 94,000 tons of potatoes. However, retail markets continue to witness elevated prices, ranging from Tk 50-60 per kg, marking a substantial 110% increase from the previous year, according to reports from the Trading Corporation of Bangladesh (TCB).
Through strategic imports and regulatory measures, Bangladesh aims to mitigate the impact of market fluctuations and ensure affordable prices for consumers.