FROM PAGE B1

Abul Bashar Chowdhury, chairman of BSM Group, one of the leading importers of consumer goods, said that rice prices are currently comparatively high, so people are leaning towards wheat as an alternative.

In developing countries, consumption typically increases with economic growth, and demand for wheat rises as it is widely used in fast food and bakery products, unlike rice, which is mainly consumed as steamed rice or a limited range of traditional dishes, he said.

He pointed out that between this year and last, the price of low-grade wheat in the international market has fallen to around $245. After adding cost and freight (CNF) in Chittagong Port, the price stands at about $450.

In contrast, even the lowest-grade rice is not available below $500, he said. Such a price gap is unusual and may have contributed to increased wheat consumption, he surmised.

Chowdhury further added that the government’s efforts to address the trade imbalance with the United States may have led to an increase in government-level imports compared to last year.