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Price of sugar, a bulk of which is imported has maintained an upward trend in the local markets due mainly to higher shipment cost and surging value of US currency, traders said Saturday.
Delwar Hossain, an importer, said the sugar price has gone up in the markets due to increase in freight charges.
He said recently the freight rate went up to $ 70-$ 80 per tonne from $ 50-$ 60.
On Saturday, sugar was being sold between Tk 1190 and Tk 1195 per maund at the wholesale markets compared with Tk 1150-Tk 1160 per maund four to five days back.
In the retail markets, the same was selling between Tk 34 and Tk 35 per kg compared with Tk 28- Tk 30 per kg in the markets a few days back, traders said.
A group of traders feared the sugar price might register a further rise in the markets as importers prefer switching to other commodity imports for better return.
According to the latest statistics of the Bangladesh Bank (BB) the opening of Letters of Credit (LCs) against the import of sugar declined whereas those for imports of rice and
fruits and allied items increased substantially.
During the July-December 2004 session the sugar import declined by more than 15.97 per cent compared with level recorded during the corresponding period of the previous year.
On the other hand, the import of rice, wheat, onion, fresh fruits and dry fruits, pulses and milk foods increased substantially during the same period.
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