Importers dawdle unloading rice

Traders procrastinate on unloading rice imported from India in fear of financial loss after Bangladesh Bank set a 100% cash margin when opening letters of credit (LC).

228 rice-laden trucks are currently waiting to be unloaded at the Hili land port in Dinajpur. Some importers have unloaded rice from only a few trucks as the rest remain detained at the port awaiting release.

Import of rice from India started through this land port on July 23 and from then to August 28 around 9,120 tonnes of rice in 228 trucks have been brought through the port.

The importers said they are dawdling in hopes that the government will reduce the duty on rice, adding that they will unload the trucks as soon as that happens.

Harun-ur-Rashid, president of the Hili land port import and export group, said the importers are unloading rice-laden trucks slowly due to the fear of profit loss due to the LC margin set by the bank.

Sohraf Hossain Mallik Pratab, public relations officer of Panama Hili Port, said that the import of rice through this port has increased compared to before. About 15-30 rice-laden trucks come through the port.

“Despite the increase in imports, if the rice is not unloaded quickly, it will create many problems. I expect that the importers will unload the trucks soon considering the situation,” he said.