Rice yield hits record high

The country’s rice production hit a new record of 36.2 million tonnes in the last fiscal year (FY), 2017-18. According to the official data, the output was 7.1 per cent higher than that of FY ’17. It was 34.7 million tonnes (the then record) in FY ’15 which declined to 34.68 million tonnes in FY ’16 and then to 33.79 million tonnes in FY ’17. Boro production decreased by 5.0 per cent to 18.0 million tonnes in FY ’17 than that of FY ’16. Devastating floods contributed to the massive damage of more than 90 per cent of the staple in haor [wet] area. But bumper harvest was marked by 8.6 per cent growth in FY ’18 from that of FY ’17, the BBS said. However, Boro output in FY ’18 was also 2.09 per cent higher than that of the previous record of 19.1 million tonnes in FY ’15. Farmers cultivated rice on 4.85 million hectares of land in the last Boro season. It was 4.45 million hectares in FY ’17, BBS data showed. Meanwhile, Aman output increased to 13.9 million tonnes during the period, a 2.47 per cent growth from its previous output. Aus output also increased to 2.7 million tonnes, nearly 27 per cent growth over that of FY ’17. The Trading Corporation of Bangladesh (TCB) data showed rice varieties are still 9.0 per cent to 54 per cent higher than that of last year in the city. According to food ministry, rice imports were also an all-time high (4.1 million tonnes) in FY ’18.

Source: https://thefinancialexpress.com.bd/trade/rice-yield-hits-record-high-1535428602

Steelmakers flexing muscles

Steelmakers are investing thousands of crores of taka either to expand existing capacity or set up new units as consumption is on the rise. Per capita steel consumption in Bangladesh has grown more than 54 percent to 37kg in the last eight years thanks to the government’s large infrastructure projects and the thriving housing sector. According to market players, per capita steel use was 24kg in 2010. Chinese companies have also shown interest to invest in the steel sector. Bangladesh’s steel sector has made great strides since the country’s independence. In 1972, local millers used to produce a meagre 47,000 tonnes of steel. The figure rose to 55 lakh tonnes in 2017 and is expected to hit 70 lakh tonnes this year. The sector turns over about Tk 30,000 crore a year in sales revenue. The growing use may cheer up manufacturers and retailers, but Bangladesh lags far behind its peer countries and neighbour India when it comes to consumption. The country’s consumption is almost half of India’s 65kg and one-seventh of Asian average of 255kg, according to local companies and India-based information services provider SteelMint. BSRM is the market leader with 25 percent share and produces about 15 lakh tonnes of steel every year. There are some 400 big, medium- and small-sized steel mills in the country with a combined production capacity of 80 lakh tonnes. Of them, the top 10 companies hold more than 50 percent stakes.

Source: https://www.thedailystar.net/news/business/steelmakers-flexing-muscles-1625572

Fresh congestion slows Ctg port

Chittagong Port has been facing container congestion for a week, the second this month, mainly because of slow delivery of import containers and transportation of containers to private inland container depots. Import-laden containers lying in the port yards totalled 44,473 TEUs (twenty-foot equivalent units) till yesterday against the port’s storage facility of 37,620 TEUs. (twenty-foot equivalent units) till yesterday against the port’s storage facility of 37,620 TEUs. A good portion of import containers are usually taken from the port to the ICDs from where importers receive the goods. But the movement of the containers to the ICDs has been facing disruption for the last couple of days, after the Road, Transport and Highways Division banned trucks, covered vans and lorries from plying on the roads three days before Eid-ul-Azha. As of yesterday, the number of ICD-bound containers lying at the port yards rose to 5,039 TEUs although the port doesn’t have designated space to store them. Usually 3,000 TEUs to 4,000 TEUs of import-laden containers are delivered on a normal working day whereas only 3,000 TEUs were delivered in the five days to Saturday.

Source: https://www.thedailystar.net/news/business/fresh-congestion-slows-ctg-port-1625566