Chickpea price shoots up Tk200 per maund in a week
Importers are selling the commodity at a higher price than usual to make an extra profit, wholesalers allege
The price of chickpea has shot up Tk200 per maund in the last one week in Chattogram's Khatunganj, the country's largest commodity wholesale market, although demand and supply have remained the same.
Importers said the price of the commodity has gone up in the domestic market thanks to an increase in international market booking prices.
Wholesalers say importers are selling chickpeas at a price higher than usual to make extra profit, not because booking prices are up globally. Chickpea booked in October-November last year is what they are selling now. So the booking prick hike is not a valid excuse.
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High-quality Australian Chickpea that was Tk2,000-Tk2,400 a maund last week, is now selling for Tk2,400-Tk2,600 per maund (37.32 kilograms) in Khatunganj, up by Tk200 per maund.
Medium-quality Australian chickpea sold for Tk1,800-2,000 per maund last week is now going for Tk2,000-Tk2,200 this week, also an increase of Tk200 a maund.
Pulses trader Azizul Haque said chickpea booked in October-November last year is now selling for Tk2,600 per maund in local markets. At that time, the booking price was $600-$620, translating to an import price of Tk2000 per maund. With this, traders are making profits of Tk600 per maund now.
Solaiman Badsha, owner of M/S Tayibia Traders in Khatunganj, said demand and supply are both stable and booking prices have remained also unchanged in the global market as well. Importers hiked the price of chickpea to make an extra profit.
However, importer Alamgir Parvez, owner of RM Traders in Khatunganj, said, "We have to meet 95% of demand for chickpea with imports and the price of chickpea usually increases if the booking price of the commodity rises."
Chattogram Pulses Mill Businessmen's Association former President Sonjoy Deb Khokon said the rise in global market prices causes a price hike in the local market. The booking price in the global market is showing a rising trend and has now increased to $650-670 per tonne from $620.
According to data from Chattogram Customs and Bangladesh Bank, the country has a demand for Tk1.40 lakh tonnes of chickpea annually and this demand is rising every year. The lion's share of the demand is met with imports from Australia. To meet the increased demand during Ramadan, some chickpea also come from Myanmar and some is produced locally.
SM Mohiuddin, organising secretary of the Chattogram Pulses Mill Businessmen's Association, said there was a time when most imported chickpeas were consumed in Ramadan. At present, there is steady demand for chickpeas throughout the year and chickpea market prices depend on both local demand and global market booking prices.
