Govt to import 0.1m tonnes of sugar from India, Mexico
Wednesday, 20 April 2011
FE Report
The government will import 0.1 million tonnes of sugar from India and Mexico through state-to-state agreements to keep the market stable during the Ramadan, officials said. The government will import 50,000 tonnes of sugar from India and the rest from Mexico through the state-run sugar corporation, they said. The Bangladesh Sugar and Food Industries Corporation (BSFIC) issued letters to the Indian and Mexican authorities concerned on April 17 in this regard. "Process is going on to import sugar from India and Mexico in a bid to keep the local market stable by ensuring sufficient supply of the commodity before the Ramadan," Industries Minister Dilip Barua told the FE Tuesday. The government has taken the decision to import sugar through state-to-state agreements, as the system earlier proved successful in importing fertiliser. As a result, there was no scarcity of fertiliser, even during the peak season, the minister added. Earlier, the Ministry of Industries requested the Brazilian Ambassador in Bangladesh to take necessary measures to export sugar through state-to-state agreement. However, the ministry is yet to get any response from the Brazilian authority, officials said. The government has taken the move in the wake of price hike of sugar, now selling at Tk 54 -Tk 56 per kg in the retail market. According to the market sources, the price of sugar has increased by more than 60 per cent within a few years. The essential commodity was sold at Tk 32 - Tk 34 per kg just three years ago. As the reason of the price hike, local importers said sugar price in the international market has increased unusually. The country's annual demand for sugar is around 1.3 million tonnes, of which the state-owned sugar mills can supply around 0.12 million tonnes. A substantial portion of the demand is met through import. The minister said the government has also taken several programmes to double the production of the local sugar mills, including increasing the price of sugarcane and starting the mobile-based 'purji system.'
The government will import 0.1 million tonnes of sugar from India and Mexico through state-to-state agreements to keep the market stable during the Ramadan, officials said. The government will import 50,000 tonnes of sugar from India and the rest from Mexico through the state-run sugar corporation, they said. The Bangladesh Sugar and Food Industries Corporation (BSFIC) issued letters to the Indian and Mexican authorities concerned on April 17 in this regard. "Process is going on to import sugar from India and Mexico in a bid to keep the local market stable by ensuring sufficient supply of the commodity before the Ramadan," Industries Minister Dilip Barua told the FE Tuesday. The government has taken the decision to import sugar through state-to-state agreements, as the system earlier proved successful in importing fertiliser. As a result, there was no scarcity of fertiliser, even during the peak season, the minister added. Earlier, the Ministry of Industries requested the Brazilian Ambassador in Bangladesh to take necessary measures to export sugar through state-to-state agreement. However, the ministry is yet to get any response from the Brazilian authority, officials said. The government has taken the move in the wake of price hike of sugar, now selling at Tk 54 -Tk 56 per kg in the retail market. According to the market sources, the price of sugar has increased by more than 60 per cent within a few years. The essential commodity was sold at Tk 32 - Tk 34 per kg just three years ago. As the reason of the price hike, local importers said sugar price in the international market has increased unusually. The country's annual demand for sugar is around 1.3 million tonnes, of which the state-owned sugar mills can supply around 0.12 million tonnes. A substantial portion of the demand is met through import. The minister said the government has also taken several programmes to double the production of the local sugar mills, including increasing the price of sugarcane and starting the mobile-based 'purji system.'