News in brief: Bangladesh plans to import 12,500 metric tons of sugar from a US company and is also considering importing 220,000 metric tons of fertiliser. The country has been relying on imports to meet its sugar demand for years and has seen a decline in the value of its agricultural sector due to a reliance on imports rather than local production.
The Bangladesh government has announced that it will import 12,500 metric tons (MT) of sugar from Accentuate Technology Inc., a US-based company. According to the report, the country is also looking at importing 220,000 MT of fertliser as well.
In 2020, sugar consumption in Bangladesh reached 6.33 kg per capita and the rate keeps going up as a chart by Helgi Library shows. To match its domestic sugar demand, the government is resorting to imports and it has been doing so for years.
Within three months of 2020, the country imported 970k tons of raw sugar. Its main customers are India and Malaysia, which is likely why its US move is making the news. Then, there is the fertiliser importation as well.
Bangladesh is eyeing shipments of fertilisers like 60,000 MT of urea; 50,000 MT of Muriate of Potash; 80,000 MT of DAP; and 30,000 MT of TSP. Its Ministry of Agriculture has fertiliser deals from companies based in Saudi Arabia, Morocco, and Canada.
The South Asian country has been seeing less and less value from its agricultural sector as this graph shows. In 2021, the sector contributed 11.63 per cent to its gross domestic product (GDP). Likely, its reliance on imports as against local production is responsible for the sector’s dwindling value to its economy.
