After the interim government took charge, prices of essential commodities started rising in September-October last year. In response, customs duties and taxes on many everyday goods were reduced from mid-October. These include rice, eggs, soybean oil, palm oil, sugar, onion, potatoes and dates. After this step the initiative to import goods increased.
The Tariff Commission, in a report submitted to the Commerce Ministry, said prices of daily commodities like rice, edible oil and dates are expected to remain stable during Ramadan due to the duty cuts. However, it highlighted the need to closely monitor the storage and supply of pulses and gram due to rising prices in the international market.
TK Group, a leading importer and processor of edible oils, wheat, gram, pulses and peas, shared its outlook on the market. Shafiul Athar, a director of TK Group, said that despite high international prices of gram, imports will be sufficient, and there will be no shortage of essential commodities like edible oil, pulses and peas. He said the current stability in global market prices is a positive sign, but any increase in the value of the dollar could increase import costs and consequently the cost of goods.