Potato, onion prices fall after duty cut: Tariff commission

Business Report :

Import tax cut by the National Board of Revenue (NBR) has brought down potato and onion prices in the domestic markets although the two popular vegetables have seen a rise in their international rates.

Prices of potatoes dropped by 1.79 percent to Tk 54-Tk 56 each kilogramme (kg) over the last month.
Onions, a good portion of which are imported to cover the deficit in local production, also registered a decline.

Prices of locally grown onions fell by 6.52 percent to Tk 105-Tk 110 per kg on September 29 from a month ago.

Prices of imported onions dropped by 11.6 percent to Tk 90-Tk 100 since August 29 this year, the Bangladesh Trade and Tariff Commission (BTTC) said in a report submitted to the commerce ministry.

“A positive impact of the duty cut is visible in the market,” the report mentioned.

The NBR slashed regulatory duty on onion imports to 5 percent on September 5 following recommendations of the BTTC that tax cut will encourage imports and increase supply of these food staples.