Economic Reporter :
Spice prices are exhibiting a surprising downtrend less than a month ahead of Eid-ul-Azha – the second largest religious festival in the country.
Traders in Chattogram’s Khatunganj market – the country’s major wholesale hub of spices and other food commodities – said they were not getting enough buyers compared to the same period in previous years.
According to their explanation, the novel coronavirus pandemic has slashed people’s purchasing capacity and, like with Eid-ul-Fitr this year, potential customers are not too concerned about the upcoming festival.
Spice prices usually spike before Eid at Khatunganj, and elsewhere in the country, as opportunistic traders move to cash in on the surge in demand for essential cooking ingredients. Instead of rising, the prices this year have dropped amid the pandemic.
Traders from all over the country used to flock to Khatunganj at least one month prior to Eid. The wholesalers would buy spices in bulk and bring them to markets across the country.
To meet the spiked demand, Khatunganj businessmen stock spices targeting the Eids as they said Eid sales are the “lifeblood of their business.”
However, the wholesale hub this time remains almost deserted compared to previous years. A number of spice traders fear unprecedented losses with plenty of cooking essentials in stock.
“Most of the traders have enough spices stocked to target Eid sales. However, the customers are yet to appear as Eid is less than a month ahead. The pandemic seems to have jeopardised everything,” said Khatunganj spice trader Paritosh Ghosh.
In the meantime, former president of Khatunganj market traders’ association Mohammad Solaiman Badsha summed up the reasons for the price fall.
Spice prices are exhibiting a surprising downtrend less than a month ahead of Eid-ul-Azha – the second largest religious festival in the country.
Traders in Chattogram’s Khatunganj market – the country’s major wholesale hub of spices and other food commodities – said they were not getting enough buyers compared to the same period in previous years.
According to their explanation, the novel coronavirus pandemic has slashed people’s purchasing capacity and, like with Eid-ul-Fitr this year, potential customers are not too concerned about the upcoming festival.
Spice prices usually spike before Eid at Khatunganj, and elsewhere in the country, as opportunistic traders move to cash in on the surge in demand for essential cooking ingredients. Instead of rising, the prices this year have dropped amid the pandemic.
Traders from all over the country used to flock to Khatunganj at least one month prior to Eid. The wholesalers would buy spices in bulk and bring them to markets across the country.
To meet the spiked demand, Khatunganj businessmen stock spices targeting the Eids as they said Eid sales are the “lifeblood of their business.”
However, the wholesale hub this time remains almost deserted compared to previous years. A number of spice traders fear unprecedented losses with plenty of cooking essentials in stock.
“Most of the traders have enough spices stocked to target Eid sales. However, the customers are yet to appear as Eid is less than a month ahead. The pandemic seems to have jeopardised everything,” said Khatunganj spice trader Paritosh Ghosh.
In the meantime, former president of Khatunganj market traders’ association Mohammad Solaiman Badsha summed up the reasons for the price fall.
