Home ›› 22 Jul 2022 ›› Front
The government has approved 386 importers to import 1.016 million tonnes of rice in five phases to stabilise the prices in local markets and ensure food security.
Importers will now have to secure import permission from the Plant Quarantine Wing under the Agriculture Ministry’s Department of Agricultural Extension and open LCs (Letters of Credit) by August 10 to import the rice.
The importers will also have to market the imported rice by August 31, according to Food Ministry officials.
Until Thursday, the latest data from the ministry said that importers have opened LCs to import 3,95,360 tonnes of rice. Of that, only 3,650 tonnes have so far entered the country through the land ports.
On Thursday, importers were cleared to import 0.866 million tonnes of boiled rice and 0.15 million tonnes of Atap rice in the first phase.
Traders said these will be imported from India. Some of the rice may also come from Myanmar.
Earlier, the government had decided to import 1.5 million tonnes of rice in phases after prices started climbing in the local markets amid the peak Boro season. The importers started getting clearances on June 30.
Importers say they are less interested in importing rice like last year because prices have gone up in the neighbouring countries. Many are mostly not interested because they pay a higher duty while exporting rice.
Last year, the government cleared the import of 1.7 million tonnes of rice with the same goals as this year. However, the prices in local markets had dropped by the time importers brought in 0.8 million tonnes.
The decision to import rice this year is yet to have any effect on the market. Over the past few weeks, the price per kg has increased by Tk 2-3.
Currently, rice is being imported from India at $340 per tonne. The price of that rice stands at Tk 40-41 per kg after the 25 per cent import duty is added. Then, the price goes up to Tk 43-44 after the transport cost and other expenses are added to the equation, traders say.
According to the Trading Corporation of Bangladesh (TCB), the price of coarse rice is currently Tk 48-50 per kg.
To keep the rice prices stable in the local market, the government slashed the import tariff on rice to 25 per cent from 62.5 per cent in August 2021.
