Another shipment of 231,840 eggs from India cleared Benapole customs on Wednesday night and is expected to reach the local market on Thursday.
Imported by Indian firm Hydroland Solution, this marks the second consignment of eggs following the recent tariff reduction on essential imports.
Under the revised tariff structure, a reduced duty of 13% has been imposed on these eggs, down from the previous rate of 25%. This lowered rate will remain in effect until 15 December.
Ekramul Hasan Sajib, a representative of the owner of Hydroland Solution, said, “The eggs were cleared under the newly fixed duty rate and will be available in the market on Thursday.”
In an effort to reduce egg prices amid rising costs, the government decided to increase supply through imports, as local production has declined compared to demand.
According to Customs House sources, a total of 11.59 lakh eggs have been imported through five shipments through the Benapole port from 8 September to 30 October this year. However, a Dhaka based company BDS Corporation imported 61,950 eggs on 5 November last year.
In an effort to stabilise the egg market, the National Board of Revenue (NBR) reduced import duties on eggs, issuing an order on 17 October. Following this directive, a shipment of 231,840 eggs was taxed at a reduced rate of only Tk0.76 per egg on 21 October.
Benapole Customs House Deputy Commissioner Othello Chowdhury said that 231,840 eggs were released at the reduced duty rate on 21 October and Wednesday's shipment of 231,840 eggs was cleared at the same rate.
He said, previously, each egg was subject to a duty of Tk1.96, which has now been reduced to Tk0.77 only.
“The imported eggs are expected to be sold in the local market at a price of Tk9 per piece,” said this official adding that “This shipment will help to further decrease the egg price.”
The official also mentioned that the government has granted additional import licenses to several other companies, which could help stabilize the market when they introduce more eggs.
Despite all these efforts, egg prices in the market still remain unaffected.
Eggs are being imported from India at a cost of Tk5.80 per piece. After adding reduced duty and other expenses, the total cost per egg stands at Tk7.57. However, these eggs are being sold in the local market for as high as Tk13 to Tk14, despite the government setting the retail price at Tk11.86.
A group of unscrupulous traders is allegedly manipulating egg prices at either the wholesale or retail level.
BDST: 1219 HRS, OCT 31, 2024
SMS
