Government Initiates Rice Import Tenders

Against the backdrop of rising prices, the government has increased efforts to import rice from international markets. Intention is to stabilize domestic prices, replenish stocks, and maintain social safety net schemes. Since October 17, the Directorate General of Food issued two international tenders to procure 100,000 tons of rice, alongside another tender to import 100,000 tons of wheat for the 2024-25 fiscal year.

Current Rice Stock Levels in The Country

Public food stocks currently stand at 1.358 million tons, including 0.906 million tons of rice—below the recommended minimum of 0.105 million tons for effective market interventions. In Dhaka, retail prices for coarse rice, the cheapest staple, increased by nearly 2% to USD 0,49 per kilogram, with medium-grade varieties up by 7%. Prices across all rice types are roughly 15% higher than a year ago, according to the Trading Corporation of Bangladesh.

Private Sector Involvement

The food ministry has invited private traders to apply for rice imports by November 14. This step ensures the increased supply and curb price hikes. Recently, the National Board of Revenue (NBR) waived import duties on rice, leaving only a 2% advance income tax, which could help make imports more affordable.

Aman Crop Harvest and Future Import Needs

The ongoing Aman season harvest is expected to bring some relief to market prices. Yet, recent floods in the eastern region have affected Aman acreage, reducing it to 5.735 million hectares this season, down slightly from last year. The Bangladesh Trade and Tariff Commission’s report on October 29 cited production losses of 0.839 million tons due to these floods. The food ministry official anticipates that as new Aman rice arrives, prices will likely decline in the coming weeks.

International Partnerships for Rice Imports

To secure additional rice stocks, the government is exploring procurement from India, Vietnam, and Myanmar under government-to-government agreements. Despite some setbacks in domestic production, India’s anticipated strong harvest may ease some concerns. Providing Bangladesh with more affordable sourcing options.

Conclusion: 

With rice imports increasing, Bangladesh’s government is committed to curbing price hikes and supporting food distribution under social safety programs. Stay updated on how these developments impact local rice markets and food security strategies.





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