Soybean oil is a very important commodity in the context of Bangladesh. Currently, the price per metric ton in the world market is 1 thousand 130 dollars. In 2025 it will increase to 1 thousand 150 dollars. Similarly, the World Bank, one of Bangladesh’s development partners, has published a report on how the prices of other daily commodities will go in 2024 and 2025.
In a recently published report called ‘Commodity Markets Outlook’ from the headquarters of the organization in Washington, the prices of 100 daily commodities are forecasted. While the report gives a message of relief in some products, there are also messages of discomfort in some products. But these products are essential in our daily life.
The agency has predicted that the prices of important commodities like soybean oil, fuel oil and cotton will increase in the international market. As a result, the increase in the prices of these products in the Bangladesh market will have a direct impact. However, the World Bank has given news of relief in the context of Bangladesh regarding the price of urea fertilizer and LNG.
This year, the price of goods in the world market will decrease by 3 percent overall. And commodity prices will fall by 4 percent in 2025—a World Bank report predicts. As a result, this global organization believes that inflationary pressure can be reduced in each country. But the control of inflation will depend a lot on what kind of goods a country imports and how much it imports outside of local production.
There is no relief in the world market in the price of meat. The price of chicken and beef will increase further. Currently, the price of beef per kg is 5.20 dollars, in 2025 the price will increase to 5.30 dollars. As a result, the price of beef will increase by 20 cents in a year. Chicken prices will also increase by 3 cents per kg to $1.53 in 2025
The World Bank has also predicted how much the price of nearly 100 essential and daily-use products may increase or decrease in the next two years in the international market. Based on the list of products mentioned in the report, the 10 commodities that Bangladesh imports relatively more, have been reviewed.
Regarding the report of the World Bank, former Chief Economist of Bangladesh Resident Mission of the organization. Zahid Hossain told Jago News, I have seen the World Bank report. This is a prediction. The World Bank has predicted an overall 3 percent drop in commodity prices. Among the commodities whose prices will fall are gas and crude oil.
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‘We generally import more refined oil. If the price of crude oil falls, the price of refined oil should also fall. How much impact this will have at the consumer level is also a matter of policy. This will benefit the importer. Import cost will decrease. Whether consumers will benefit or not cannot be said. Because, how much the price of oil will decrease will depend on the policy of Bangladesh Petroleum Corporation (BPC). If BPC says they will not change the policy, BPC will benefit and not the consumers.’
He also said that many products are imported in the private sector. There is a lack of competition in the consumer goods market. It will not benefit the consumer. This will mainly be due to lack of competition. It is not possible to say how much it will decrease. In many cases it may not decrease.
According to the World Bank report, geopolitical tensions have increased in recent times and this has had an impact on everyday products. Substantial rise in commodity prices due to geopolitical implications. At the beginning of April this year, the price of oil per barrel was 91 dollars. There has also been volatility in gold prices.
Coal prices may fall drastically. The average price of coal in 2023 was about $173 per ton. The average price for the current fiscal year may be $125, which will further decrease to $110 in 2025. On the other hand, the price of LNG per BMMTU may decrease from $14.00 to $12.50
According to the report, there will be good news in the price of fertilizers in 2025. The price of urea fertilizer may come down to $350 per ton from the current $358 per ton. In 2025, it will further decrease to $325 per ton. According to Chittagong port information, last fiscal year, about 10.5 thousand crores of fertilizer was imported. DAP fertilizer is currently priced at $600 per ton, which will drop to $550 in 2025. Currently, the price of TSP per ton is 450 dollars, it will decrease to 380 dollars in 2025. But the price of phosphate fertilizer will increase. This fertilizer is very important to make the farmer’s crops green and fresh. Currently, the price of phosphate rock per ton is 266 dollars, in 2025 the price will rise to 322 dollars.
The price of coal-LNG will decrease
The World Bank says that the price of coal may fall significantly. The average price of coal in 2023 was about $173 per ton. The average price for the current fiscal year may be $125, which will further decrease to $110 in 2025. On the other hand, the price of LNG per BMMTU may decrease from $14 to $12.50.
Good news for food products too
Prices of coffee, sugar, wheat and corn may decrease. According to the report, currently the price of coffee (Arabica) per kg is 5 dollars, it will decrease to 4 dollars in 2025. The price of tea will increase slightly. Currently, the average price of tea per kg is 2.75 dollars, in 2025 it will increase to 2.77 dollars. Currently, the price of corn per metric ton is 200 dollars, it will decrease to 196 dollars in 2025. Currently, the price of wheat per metric ton is 290 dollars, it will decrease to 285 dollars in 2025. Currently, the price per metric ton is $196, but it will decrease to $185 next year.
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According to the World Bank, the average price of crude oil in 2023 was 82.5 dollars per barrel. This year it may increase to 84 dollars. But next year it may decrease to 79 dollars. The government spends the most money on importing fuel oil. According to the Chittagong Customs Authority, different types of fuel oil worth Tk 48 thousand 900 crore were imported in the fiscal year 2022-23. According to World Bank forecasts, spending in this sector is likely to rise further this year.
The price of palm oil will decrease even if soybeans increase
According to the report, the price of soybean oil will increase, but the price of palm and coconut oil will decrease. Currently, the price of soybean oil per metric ton is 1 thousand 130 dollars, it will increase to 1 thousand 150 dollars in 2025. As a result, soybean oil will increase by $20 per metric ton over the course of the year.
Currently, the price of coconut oil per metric ton is 1 thousand 185 dollars, it will decrease to 1 thousand 100 dollars in 2025. Palm oil is one of the most important products in the country’s market. In 2024, the average price of palm oil per metric ton will be 905 dollars, in 2025 it will decrease to 825 dollars. As a result, palm oil will be greatly reduced. The price of soybean meal will decrease. In 2024, the price of soybean mill per metric ton will be 480 dollars, in 2025 it will decrease to 460 dollars.
There is no relief in the world market for beef and chicken meat
There is no relief in the world market in the price of meat. The price of chicken and beef will increase further. Currently, the price of beef per kg is 5.20 dollars, in 2025 the price will increase to 5.30 dollars. As a result, the price of beef will increase by 20 cents in a year. Chicken prices will also increase by 3 cents per kg to $1.53 in 2025. However, the price of bananas per kg will decrease by 4 cents to 1.61 dollars in 2025. The price of shrimp also increased by 50 cents to $10 in 2025.
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The country’s second largest import commodity is cotton. It is the main raw material of textile sector. The World Bank says that the price of cotton will increase in the next two years. This year, the price of cotton may rise to 2.15 dollars per kg. Next year it could increase by another 5 cents. In the last financial year, cotton worth more than 40 thousand crore rupees was imported through Chittagong port. Similarly, LNG and coal prices are also predicted to fall.
Relief is found in the price of gold
According to the report, there is good news in the gold price in the World Bank report. In 2024, the price of gold per ounce is now on average 2 thousand 100 dollars, in 2025 it will decrease to 2 thousand 50 dollars. As a result, the price of gold per ounce will decrease by 50 dollars over the course of the year. However, the price of silver and platinum will increase.
We are not a country outside the world. So if the price of a product increases in the global market, we also have to adjust. If the price of a product decreases, we also reduce it. Prime Minister is business friendly. He has been guiding us time and time again to keep the price of things within reach. So, if the price of any product decreases in the world market, we will also reduce it. – FBCCI Director Khan Ahmed Shubo
The materials for making rods will decrease, the price of tin will increase
From this year to 2025, there will be good news in the price of iron ore, the material for making rods. The price of iron ore per dry metric ton is now 110 dollars, it will decrease to 105 dollars in 2025. This raw material is used for making rods. The price of tin will increase. Currently, the price of tin per metric ton is 27 thousand dollars, it will increase to 28 thousand dollars in 2025. As a result, every ton will increase by 1 thousand dollars during the year. The price of aluminum per ton will increase by 100 dollars to 2 thousand 400 dollars.
The price of beverage products will increase
Currently, the price of beverage per kg is 2.75 dollars. In 2025, 2 cents will increase to 2.77 dollars. The price of coffee will decrease. The price of coffee will drop by 5 cents to $4.35 per kg. The price of tea per kg will increase by 2 cents over the year to $2.77.
Economists claim that even if the prices fall in the world market, the prices at the consumer level do not fall. However, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex organization of businessmen, claims that Bangladesh is not outside the world. Therefore, if the price of daily commodities increases in the world market, it will have a negative effect on the country, if the price decreases in the world market, it will also have a positive effect on the country.
FBCCI director Khan Ahmed told Shubo Jago News, “We are not a country outside the world.” So if the price of a product increases in the world market, we also have to adjust. If the price of a product decreases, we also reduce it. Prime Minister is business friendly. He has been guiding us time and time again to keep the price of things within reach. So if the price of any product decreases in the world market, we will also reduce it.
