Rice prices in Bangladesh have been rising for several months, prompting the government to approve imports in an effort to stabilize the market. Following the approval, rice imports through Hili land port began on August 12. However, importers were unable to release consignments from the port due to customs complications.
After several days of uncertainty, the National Board of Revenue (NBR) reduced tariffs and updated its server on August 18, fixing the Advance Income Tax (AIT) at 2 percent. Importers then began releasing rice shipments.
Despite the arrival of Indian rice, prices in local markets have yet to ease. Traders say that prices could decline once larger volumes of imported rice enter the country.
On Friday, August 22, retail market prices showed no significant change. Nazirshail rice was selling at Tk 85 to Tk 90 per kilogram, Miniket at Tk 80, and BRRI-28 and BRRI-29 at Tk 60 to Tk 62. Traders noted that Indian rice has only recently entered the market and is currently being sold at Tk 80 to Tk 82 per kilogram. They expect prices may start to decrease as more consignments arrive.
In a significant development, rice imports also resumed through Benapole land port after a four-month break, with 315 metric tons entering the country.
Importers explained that the government had initiated rice imports from India to keep domestic markets stable. Abdus Samad, owner of Haji Musa Karim and Sons, said, “On Thursday, we imported 315 metric tons of coarse rice in nine trucks from India. To stabilize the market, the Ministry of Food invited applications from private traders to import rice. Applications were accepted between July 23 and August 7. Several importers from Benapole land port applied and received permits. After obtaining the import permit (IP), many opened Letters of Credit, and on Thursday imports began through the port. More importers are opening LCs, and rice imports are expected to increase from Sunday.”
He added that imports would help reduce market prices by Tk 5 to Tk 7 per kilogram. Fine-grain rice is expected to sell at Tk 67 to Tk 70, while coarse Swarna varieties may stabilize at Tk 50 to Tk 52 per kilogram.
Aminul Haque, vice president of the Benapole Import-Export Association, confirmed that 315 metric tons of rice entered on the first day of imports and that several more trucks loaded with rice are awaiting clearance at the port.
