In a bid to address the ongoing volatility in the egg market, the Ministry of Commerce has granted approval for the import of 40.5 million eggs to seven designated firms.

The decision, announced by the ministry’s Internal Trade-1 division on Tuesday, aims to stabilise prices and ensure the availability of this essential commodity.

The domestic egg market has witnessed a sharp increase in prices over the past few months, driven by a supply-demand imbalance.

The cost of eggs has escalated to a record high, making it unaffordable for many consumers.

This crisis has prompted the government to intervene by allowing imports to supplement the local supply.

According to the ministry’s statement, the import permission was granted following a thorough evaluation of the market situation. "We aim to bring down the inflated prices and ensure that consumers have access to eggs at a reasonable rate," said a senior official from the Ministry of Commerce.

Initially, approval has been given to seven institutions to import a maximum of 1 crore pieces each. The seven institutions are: Messrs. Meem Enterprise: 1 crore pieces,Messrs. Tawseen Traders: 1 crore pieces, Messrs. Suman Traders: 20 lakh pieces, Alif Traders: 30 lakh pieces,Himalaya: 1 crore pieces,Messrs. Prime Care Bangladesh: 50 lakh pieces, and Messrs. Zaman Traders: 50 lakh pieces.

According to the notification issued in this regard said, as per the Department of Livestock, there is a daily demand for about 5 crore pieces of eggs in the country. Considering the current market situation of eggs and aiming to stabilise market prices, permission has been given for the import of eggs based on the applications from different importers for a limited period.

The validity of this import permission will remain until December 31, 2024. Importers must follow the conditions to carry out the necessary import procedures.

Rising Prices

Currently, the price of a dozen eggs in Dhaka's retail market ranges between Tk 175 and Tk 180, a significant jump from the Tk 100 to Tk 120 price range earlier this year. The rising prices have led to widespread consumer dissatisfaction and criticism of the government’s inability to regulate the market.

Market insiders attribute the price hike to multiple factors, including an increase in the cost of poultry feed, disruptions in supply chains, and the impact of recent flooding in some parts of the country that affected egg production.

The situation has also led to hoarding and artificial scarcity created by some unscrupulous traders, further exacerbating the crisis.

Import Initiative and Market Impact

The government’s decision to import 40.5 million eggs is expected to have a cooling effect on the overheated market. The seven companies authorised to import eggs are tasked with ensuring a steady supply to retail markets across the country.

However, experts caution that the success of the initiative will depend on efficient distribution and stringent market monitoring.