Government of Bangladesh to import 10.50 lakh tonnes of rice

Published 2024년 11월 14일

Tridge summary

The Bangladesh government is planning to import 10.50 lakh tonnes of rice in this fiscal year to stabilize rising domestic prices and maintain sufficient food reserves. Half of this amount is expected to be sourced from Vietnam and Myanmar through government-to-government deals, while the private sector and India will contribute the other half. The government has also removed all import duties and taxes on rice to increase supply. Due to increased production costs and flooding, the government has increased the procurement price of paddy to ensure fair prices for farmers. Currently, the government's food grain stock is not considered adequate for the distribution required through various programs. No rice imports have been reported so far in FY25.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The government is set to import 10.50 lakh tonnes of rice this fiscal year to stabilise domestic rice prices and maintain a sufficient food reserve, with the Ministry of Food aiming to bring in 50% of that amount by December. Ministry officials say rice will be imported from Vietnam and Myanmar through government-to-government (G2G) deals. Additionally, the government has initiated open tender processes to import rice from India. Food Secretary Md Masudul Hasan told TBS that by December, at least 2 lakh tonnes of rice will be imported through the private sector and another 3 lakh tonnes through G2G agreements. According to officials, rice prices have recently increased in the local market. Despite the arrival of the Aman season, rice prices are rising. Government food reserves are also depleting. To address this, the government has removed all import duties and taxes to boost supply and ensure adequate reserves. However, these measures have yet to impact market prices as traders ...

Source: TBS