Long term potato storage proves profitable in Bangladesh

In Bangladesh, hoarders and wholesalers have started lifting huge quantities of potatoes from cold storages in the district Dinajpur as prices of the vegetable are rising fast in the local markets.

According to the farmers and market sources, prices of potatoes have increased by Tk10 to 12 per kilogram in the last three to four days.

During a visit to a local market yesterday, this correspondent saw per kilogram of potato was being sold at Tk18 to 22 while its price was Tk 6 to 10 for the last three months.

Potato grower Md Abdur Razzak of Birganj upazila said the hoarders are making good profit by selling potato at higher price. “We incurred huge losses as price of our produce was very low at the peak harvest time,” he added.

During the harvest season, potato prices dropped alarmingly, causing huge losses to many growers in the district. Most of them got depressed as a downward slide in the price continued for months together.

According to the officials of the Department of Agriculture Extension [DAE] in Dinajpur, around 7.5 lakh tonnes of potato were produced on at least 40,000 hectares of land in the district. As the price was low, farmers stored only 90,000 tonnes in 11 cold storages, hoping the price would go up gradually. They later sold the item to hoarders and traders. Rajab Ali of Nashipur village under Sadar upazila said the hoarders and wholesalers will now make Tk 300 profit against per sack of potato.