Sharp drop in frozen meat, fish imports triggers price hikes in local market

Import restrictions aimed at addressing the dollar crisis in the country has led to an unusual decline in imports of frozen fish and meat. Consequently, this has contributed to a rise in the prices of meat and fish within the domestic market.

According to the Chattogram Customs House, the import of frozen boneless bovine meat has witnessed a drastic decline of 93%, and frozen fish imports have similarly decreased by 82% within the span of a year.

Consequently, the retail prices of beef, buffalo, and goat meat have surged by Tk300 to Tk350 per kg over this one-year period. Currently, beef and buffalo meat are being sold at around Tk900 per kg, a notable increase from Tk600 to Tk700 per kg a year ago.

Furthermore, the reduced imports have led to shortages of both domestic marine fish and freshwater farmed fish. This scarcity has driven the market price of fish per kg to rise significantly, with increases ranging from 20% to 50%.

According to Chattogram Customs House data, the fiscal year 2022-23 saw the import of 974 tonnes of frozen boneless bovine meat, incurring a cost of Tk44 crore. In contrast, during the previous fiscal year 2021-22, a significant quantity of 13,206 tonnes of frozen meat, valued at Tk577 crore, was imported.

This indicates a remarkable decline of 12,232 tonnes of frozen boneless bovine meat, equivalent to a reduction of 93%, within a single year.

During the fiscal year 2022-23, a total of 12,039 tonnes of frozen fish, valued at Tk77 crore, was imported. However, in the previous fiscal year 2021-22, a substantially higher amount of 66,374 tonnes of frozen fish, costing Tk325 crore, was imported.

This staggering difference indicates a decrease of 54,335 tonnes, equivalent to a reduction of 82%, in the import of frozen fish within the course of just one year.

According to the Chattogram Customs House, sea fish are sourced from various countries, including Paraguay, Oman, Kuwait, Qatar, China, Pakistan, Myanmar and India. On the other hand, frozen meat is imported from countries such as India, Thailand, Korea, Australia, the United Arab Emirates, Vietnam, Malaysia and Japan.

Shamim Ahmed, president of Bangladesh Meat Importers and Traders Association, said the primary consumers of frozen meat belong to the marginal class. Additionally, various hotels and  restaurants are significant customers of frozen meats.

He said around four years ago, frozen meat was available in the market at a price range of Tk180 to Tk200 per kg. However, after 2021, due to the imposition of a total tax incidence (TTI) of 89.32% on meat imports, prices surged significantly, reaching Tk350 to Tk400 per kg.

Shah Mohammad Morshed Quader, senior agricultural marketing officer in Chattogram district, said that currently beef and buffalo meat are being sold at nearly identical prices. Meat with bone is priced at Tk800 per kg, while boneless meat is being sold at Tk900 per kg. This represents a notable increase from around Tk700 per kg a year ago.

Quader also mentioned that the prices of fish have witnessed a significant rise in the market. Currently, prices of all types of fish have increased by about 20%.

Hotel and restaurant owners are facing significant challenges due to the decreased imports of meat.

According to Syed Abdul Hannan, general secretary of the Chattogram metropolitan branch of the association, the majority of restaurants used to rely on imported frozen meat, which has been unavailable in the market for the past year.

In response to this situation, the leaders of the Restaurant Owners Association held a press conference on 5 August at the police convention hall in the capital. During the conference, they requested permission to import beef, goat and broiler chicken meat to alleviate the current shortage.