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customs authority imposes a duty on referral prices, meaning that products such as noodles imported at $800 per tonne will face duty based on its referral price of $1050 per tonne.

As such, importers unnecessarily pay an additional 25 percent import duty.

Sayeed also said sales of fast-moving consumer goods (FMCG), particularly cosmetics and toiletries, have decreased by at least one-fourth of previous levels due to a hike in product prices amid inflationary pressure.

The annual turnover of the FMCG market came down to around Tk 15,000 crore in 2023 from Tk 20,000 crore in 2022, he added.

Multinational companies control about 67 percent of the overall market while the remaining 33 percent is shared by local manufacturers such as Square, Kohinoor and ACI.

With this backdrop, Sayeed stressed the need to control inflation while also increasing the country’s foreign exchange reserve in order to stabilise the market.

He also said product prices will not come down overnight, but the market situation will improve gradually in 2024 if inflation is controlled.

Consumers were forced to reduce their purchases of FMCG in the outgoing year in order to survive the inflationary pressure, which is very natural, he added.

According to Sayeed, almost all sectors suffered the same fate as FMCG throughout 2023.

“But we are optimistic about improving slightly in 2024 as there is the possibility to stabilise the political situation,” he said.

“Besides, the government will try to take measures to revive the economy,” he added.