Traders remarked that the price dip was due to adequate stock availability in the local market
The price of imported green chilies at the local wholesale markets in Hili land port has dropped by Tk40-45 in a span of just two days.
Even on Thursday, it was sold between Tk105-110 per kilogram, while on Saturday it was sold for Tk60-70 per kg.
Traders remarked that the price dip was due to adequate stock availability in the local market.
Sources at the land port said, after a restriction of almost a year, import of green chilies began from July 20. Until yesterday, 230 tons of green chilies were imported through 31 trucks in the past six working days.
The price dip was also attributed to the strong presence of locally produced green chilies, which caused its retail price to fall from Tk130-140 per kg to Tk110.
Anwar Hossain, a green chili importer at Hili land port, and Mostafa Hossain, a retail chili trader, said the price of chilies had spiked a few weeks ago thanks to the floods, which prevented farmers from being able to meet the national demand.
It was for this predicament that the government had decided to lift the chili import embargo, they remarked.
"Recent bumper yields in Rajshahi, and Meherpur had benefited the local markets, which caused the price of chilies to drop in both the wholesale, and retail sectors," they said.
But this fall in price had also caused a section of importers to incur losses, as they had to sell them off at significantly lower rates, Anwar and Mostafa added.
This has also caused them not to import any more green chilies for the time being.