Rice prices in the domestic market have started to downward trend following the resumption of imports from India aimed at ensuring stable supply and price control. Rice is now entering the country simultaneously through the Hili and Benapole land ports, and its impact is already visible in local markets. Traders say prices may fall further if imports continue.
Earlier, traders claimed that prices of all brand of rice had risen due to low supply.
The government approved the import of 200,000 metric tons of rice by 232 importers on January 18 to stabilise the market.
The last rice consignment entered the country on November 30, after which imports were halted due to lack of permission.
According to sources in the ports, after a long break, rice imports through the Hili land port resumed on January 21, when two truckloads entered under importer DP Enterprise. Besides, imports through the Benapole land port have also resumed on January 27 after a three-month suspension.
The renewed supply quickly affected the market, pushing down prices of all rice varieties in Hili by Tk 3 to Tk 8 per kg.
Data in the Hili rice market on Wednesday (January 28) showed that Swarna rice, which was previously sold at Tk 46 per kg, is now selling at Tk 43. The price of fine rice has dropped from Tk 73 to Tk 70 per kg. The sharpest decline was seen in Shampa Kataribhog rice, which fell from Tk 70 per kg to Tk 62.
Rice trader Ruhul Ali Kuddus said, with imports resuming, supply has increased and prices are falling at wholesale markets.
“We can now buy at lower prices and sell at lower rates. In addition, the government has started selling rice at Tk 30 per kg through OMS, which has reduced pressure on the open market,” he said.
Cross section of people has expressed their satisfaction over the decline trend of the price.
Van driver Pinaki Das said it had become difficult to run his household on his daily earnings as the price of coarse rice had increased sharply.
“After imports from India started, rice prices have come down slightly, which has brought some relief,” he said.
Another buyer, Jahangir Alam, said the sudden rise in fine rice prices above Tk 70 per kg had forced him to reduce purchases.
“This week prices have started to fall. Just a few days ago, fine rice was sold at Tk 73 per kg; now it is Tk 70. Shampa Kataribhog has also come down significantly,” he added.
Importer Dinesh Poddar said as imports are now open, volumes will gradually increase and the volatility in rice prices will ease. Prices have already come down significantly and will fall further as imports rise,” he said.
Assistant Quarantine Officer at the Hili Land Port Plant Quarantine Centre Yusuf Ali, said that with the new approval, regular rice imports have been taking place since January 21.
Meanwhile, rice imports through the Benapole land port have also resumed after a three-month suspension.
On Tuesday (January 27), a total of 510 tonnes of non-basmati parboiled rice entered Benapole in four separate consignments from India. The rice was transported by 14 Indian trucks and unloaded at the port’s 31st transhipment yard. The consignments were imported by Haji Musa Karim & Sons.
Port sources said the imports are part of the government’s duty-free import initiative to keep rice prices within a tolerable range. The last rice shipment through Benapole arrived in November last year, amounting to 6,128 tonnes, after which imports through the port remained suspended for a long period.
According to relevant sources, the average cost of imported rice up to the Benapole port is around Tk 50 per kg. Under the government-approved schedule, the imported rice is expected to enter the domestic market by March 3.
Director of Benapole Port Shamim Hossain informed that 510 tonnes of non-basmati coarse rice arrived at the port on Tuesday.
“All necessary instructions have been given to ensure quick clearance of the rice,” he said.
Aman/