Bangladesh will import 3.92 lakh tons of rice

Narinjara News, 10 December 2024 

The interim administration of Bangladesh has urged rice importers to bring in and distribute 3.92 lakh tons of rice by December 22, 2024, to aid in stabilizing the nation’s rice market. 

According to Dhaka-based The New Age, Bangladesh will import 2.73 lakh tons of boiled rice and 1.19 lakh tons of non-boiled rice, with 92 private rice importers involved. 

The Ministry of Food has permitted the private sector to import 3.92 lakh tons of rice this month to help stabilize retail rice prices across the country. 

M Habibur Rahman Hosaini, additional secretary (procurement and supply) at the Ministry of Food, verified the decision, saying the government seeks to avert retail market price increases by boosting supply. 

According to the official, the order to import rice was made about two weeks ago to address the deficit created by the ongoing rice harvest, which should conclude by the end of December. 

As stated in the directive, private importers are required to guarantee that the rice is available in retail markets by December 22. 

“The importers must sell these rice stocks in sacks straight to the market, instead of permitting the companies to repackage them,” the official stated. 

At present, the cost of paddy in Bangladesh ranges from 36 to 36.50 Taka per kilogram, roughly translating to about 630 Kyats per kilogram in Myanmar currency. 

Currently, one Bangladeshi Taka is valued at 17.54 Myanmar Kyats, and the worth of the Myanmar Kyat is consistently declining.

To lower rice prices, the government of Bangladesh will import 1 lakh tons of white rice from Myanmar, priced at $515 per ton. This choice received approval from the cabinet committee on public purchase, led by Salehuddin Ahmed, the financial advisor to the interim government of Bangladesh. 

Moreover, reports indicate that Bangladesh is acquiring 50,000 tons of basmati rice from India for $467.70 per ton. 

According to officials from the Ministry of Food, Bangladesh has entered into a memorandum of understanding (MoU) with Myanmar and Vietnam for importing rice, with the agreements expected to last until 2027. 

Myanmar has exported rice to Bangladesh three times already as part of the MoU. 

As per the information from the Myanmar Rice Federation (MRF), 1 lakh tons were traded in the first round, 2 lakh tons in the second round, and 2 lakh tons in the third round. 

The government of Bangladesh intends to import a total of 5 lakh tons of rice in this fiscal year and has announced that it will focus on suppliers that can offer fast delivery, quality rice, and competitive pricing. 

Bangladesh has previously acquired rice from Arakan State via the Teknaf jetty, through both legal and illegal means. A trader at the Maungdaw border mentioned that if the existing Arakan People’s Government collaborates with Bangladeshi local authorities to streamline exports, it would greatly benefit farmers in Arakan State. 

Published Date: December 10, 2024