Country’s largest wholesale market opens, but trade remains low amid curfew, online transaction disruption

The country’s largest wholesale market for consumer goods in Khatunganj has reopened today (24 July) after a six-day closure.

Traders, however, said trade in the market remains significantly lower than usual amid the ongoing curfew. 

The ongoing disruption in online transactions due to the partial closure of bank branches has added to the difficulties faced by both buyers and sellers, they said.

Additionally, the suspension of supplies from the port over the past few days has led to an increase in the prices of essential commodities.

“Even though the shops are open, there are no buyers from distant areas. Only local shopkeepers from the city have come to the market. The partial closure of bank branches has caused transaction issues,” said Mohammad Sekandar, owner of a wholesale shop in Hamidullah Market in Khatunganj.

“This morning, a customer gave a South Bangla Agriculture Bank cheque to pay for goods, but it could not be cashed at the Khatunganj branch because the related account’s branch (Navy Gate branch in Chattogram) is still closed. Similarly, a cheque from First Security Bank’s Bahaddarhat branch could not be cashed as that branch remains closed,” he added.

Sabbir Ahmed Chowdhury, manager of Standard Bank’s Khatunganj branch, said, “Since the bank opened this morning, there has been a crowd of customers. However, the tendency to withdraw cash is higher than other transactions. We are facing issues with cheques clearing as not all branches are open. Several cheques submitted for clearing this morning have not been processed.”

Solaiman Badsha, former president of the Khatunganj Wholesale Traders’ Association, stated, “Almost all the shops and warehouses in the market opened today. Although there are fewer buyers, and sales are low, the prices of goods have increased. The suspension of supplies from the port over the past few days has led to price hikes for essential goods.”

Traders reported that the prices of essential goods, especially lentils, have risen significantly. 

The price of palm oil has increased by Tk100 per maund to Tk5,000. 

Additionally, rice prices have increased by at least Tk50 to Tk100 per sack, according to rice trader Farid Uddin Ahmed.

The government imposed a nationwide curfew starting last Saturday amid widespread violence centring on the quota reform protest. This followed the complete shutdown initiated by the anti-quota reform student movement last Thursday. 

This situation caused the country’s main wholesale market for consumer goods to be paralyzed for six days until Tuesday.

Syed Sagir Ahmed, general secretary of the Khatunganj Trade and Industries Association, said, “Khatunganj supplies 40% of the country’s total demand for consumer goods. The greater Khatunganj (Chaktai-Asadganj-Khatunganj) area has at least 5,000 wholesale shops and warehouses, where daily transactions amount to at least Tk2,000 to Tk2,500 crore.

“Over the past week, at least Tk10,000 crore worth of transactions did not take place. However, almost all shops have reopened today. We expect sales to increase from tomorrow.