The interim government in Bangladesh plans to import seven lakh tonnes of rice, the most in the last seven fiscal years, as it seeks to replenish its depleted food grain stock and alleviate the cost-of-living crisis for low- and fixed-income people battered by persistent high inflation.

Bangladesh’s Rice Imports

The Bangladesh Bureau of Statistics reports that inflation averaged 10.87 percent in the first half of fiscal year 2024-25.

It was initially estimated that approximately 10 lakh tonnes of rice would have to be imported. The figure was later revised down to seven lakh tonnes, according to food ministry officials involved in the proceedings.

The process of importing 5.50 lakh tonnes of rice is now underway. 3 lakh metric tons of this quantity will be imported through an open tender process.

Plans to import 100,000 tonnes of rice from Myanmar under a government-to-government agreement have been finalized by the government.

According to Majumder, the country has already received the first shipment, which consists of 27,000 tonnes, and another shipment is scheduled to arrive later in the month.

50,000 tonnes of rice will be imported using the G2G method from Pakistan.

Additionally, it has been decided to import one lakh tonnes of rice from Vietnam using the G2G method, and the necessary preparations are almost finished. According to Majumder, the zero tariff on private sector rice imports has piqued the interest of private sector businesses.

Rice Pricing Across Bangladesh

The action is being taken at a time when the price of fine rice has increased by 4.05 percent, medium-grain rice by 3.31 percent, and coarse rice by 6.67 percent over the previous month.

Additionally, the cost of fine rice has gone up 12.41%, medium-grain rice by 15.74%, and coarse rice by 9.80% over the last 12 months.

Based on information provided by the Trading Corporation of Bangladesh, the prices of fine rice range from Tk 70 to Tk 84 per kilogram, coarse rice from Tk 54 to 58 per kilogram, and medium-grain rice from Tk 60 to 65 per kilogram.

According to a US Department of Agriculture report released in the third week of December, roughly three lakh hectares of cropland were damaged by two separate floods that occurred in August and October of last year.

According to Majumder, the nation currently has a sufficient supply of rice, and all necessary precautions have been taken to avoid shortages in the future.

As of January 12, the public food grain stock was 12.25 lakh tonnes, with 8.2 lakh tonnes of rice, a 25 percent decrease from the previous year.

According to Bangladesh Agricultural University professor Mohammad Jahangir Alam, the government's effort to import rice at both the public and private levels is a step in the right direction toward lowering rice prices and easing people's suffering.