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On June 22, Bangladesh came up with a notification that allows the import of non-basmati rice till October 31. This is the first time that Bangladesh has started importing rice. India It is feared so soon that India may impose restrictions on the export of rice. Usually, Bangladesh starts importing rice in September-October. Bangladesh is short of staples because of the Russo-Ukraine War and restrictions on India’s wheat exports have led to a drop in wheat imports, while floods have damaged rice cultivation in the country this year.
BV Krishna Rao, President, Rice Exporters said, “In the last five days, the prices of Indian non-basmati rice have increased from $350 a tonne to $360 a tonne in the global markets. This has happened after the news came from Bangladesh. ” organization.
Rising wheat prices and declining imports have pushed up flour prices in Bangladesh and put pressure on rice. In addition, early floods, storms and heavy rains have hampered rice yields, raising fears of further volatility in rice prices.
Suraj Aggarwal, Chief Executive Officer, Tirupati Agri Trade said, “Rice prices have already increased by 10 per cent and are still rising. Bangladesh usually buys rice from West Bengal, Uttar Pradesh and Bihar. The prices of common varieties of rice have increased by 20 per cent in these three states. The rise in prices in these three states has also affected rice prices in other regions where it has risen by 10 per cent.
Bangladesh imported 13.59 lakh tonnes of rice in FY 2011. The early purchase of non-basmati rice by Bangladesh will give a new impetus to Indian rice exports. According to data from the Directorate General of Commercial Intelligence and Statistics, India exported non-basmati rice worth USD 6.11 billion in 2021-22, compared to USD 4.8 billion in FY21.
India, the world’s largest rice consumer after China, has a market share of over 40% in the global rice trade.
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