Bangladesh spent the highest, over Tk 10,000 crore, behind the import of each of nine products in fiscal year (FY) 2022-23 although some 4,788 types of goods enter through the Chattogram port.
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The situation is more complicated as procuring wheat from Russia remains a challenge since banks are reluctant to open letters of credit for imports from the heavily sanctioned country.
Wheat importers of Bangladesh are exploring alternative sources to ensure uninterrupted domestic supplies after Russia pulled out of a UN-brokered Black Sea grain deal that assured safe transport of Ukrainian wheat.Â
Bangladesh’s wheat market may see fresh volatility after Russia pulled out of a United Nations and Turkey-brokered deal that could turn the global grain market unstable, importers warn.