Sohel Parvez

Bangladesh’s consumers have increased consumption of palm and mustard oil as many of them have switched from soybean oil due to its rising prices, according to a recent report by the US Department of Agriculture (USDA).

Farmers have planted paddy on increased areas of land during the current Boro cultivation season after being encouraged by higher prices for the staple grain in the domestic market for the last one year.

While most average towns in the countryside slowly wake up to brace the day, the small port town of Mongla in Bangladesh’s southwest region is already bustling with activity by 6:00am each morning.

Soybean oil imports, both in crude and seed forms, declined marginally in Bangladesh in the current fiscal year as businesses are cautious in buying the raw materials at higher volumes despite surging prices of edible oil locally amid concerns that higher prices would drive down consumption.

Tax  collection continued to remain buoyant supported by increased tariff  from surging imports of goods, according to provisional data of the  National Board of Revenue (NBR).

The construction of the cargo vehicles terminal at the Benapole Port has begun as the government looks to improve the capacity of the largest land port in South Asia.

Farmers are increasingly using Di-ammonium Phosphate (DAP) to produce crops thanks to increased subsidies and price cuts by the government, enabling growers to apply the fertiliser that contains both the nitrogen and phosphate needed to ensure better plant growth.

Saif Powertec, a logistics and container supply chain management provider, is building a multipurpose jetty at the Mongla port with an estimated investment of around Tk 1,600 crore to handle both container and cargo ships, said officials yesterday.

Mongla port, the country’s second biggest seaport, has made a strong comeback as it sees an increased arrival of ships, making it a major gateway for Bangladesh’s overseas trade once again.

The single-digit interest rate on bank loans has helped industries in Bangladesh tremendously as the cost of finances has gone down sharply, allowing them to navigate challenges during the coronavirus pandemic smoothly, said a top entrepreneur.

Bangladesh’s wheat consumption is forecast to rise 6 per cent to 84 lakh tonnes in the marketing year (MY) beginning from July as demand of households, restaurants and the bakery industry has increased, said the US Department of Agriculture (USDA) in a recent report.

Farmers are expanding cultivation of hybrid rice to reap benefits of higher yield than inbred varieties and profit from sale of the staple food.

The construction of the container freight station (CFS) has already commenced and is expected to be completed in a phased manner by the end of 2022.

Olympic Industries, a leading biscuit maker, said its earnings slumped to the lowest in six-year suffering an increase in the cost of raw materials.

Maize is being traded for as much as Tk 30 per kilogramme (kg), the highest on record in Bangladesh, influenced by high international prices, a development that has created interest among many growers to expand cultivation of the grain, a key ingredient for poultry, cattle and fish feed.

Bangladesh’s soybean imports will likely grow 33 per cent in marketing year (MY) 2021-22, beginning in October and ending in September, thanks to the increased oilseed crushing capacity of local mills.

The National Board of Revenue (NBR) has seen a massive surge in registrations for Taxpayer Identification Numbers (TIN) by companies, mainly due to its increased monitoring and efforts to bring all registered firms under the tax net.

The National Board of Revenue (NBR) is examining the scope for giving tax  rebate on the income of individuals who are investing in the shariah-based sukuk bond, said a senior official of the tax authority yesterday.

The central bank should depreciate the taka against the US dollar gradually, if necessary, in order to avoid hurting the economic recovery and stocking inflationary pressures as Bangladesh is an import-dependent country, said Mostafa Kamal, chairman and managing director of Meghna Group of Industries.

Bangladesh Petroleum Corporation (BPC) is going to import 90,000 tonnes of diesel from India this calendar year and it looks to bring a portion of the petroleum through a 131-kilometre Bangladesh-India Friendship Pipeline (BIFP), which is likely to become operational in 2022, officials said yesterday.