Dhaka, Bangladesh (BBN)-Bangladesh’s rice import value has increased to around $366.4 million in FY 2013-14, said letter of credit data released by the Bangladesh Bank.
The value is up about 12 times or about 1,075% from around $31.18 million during the same period in FY 2012-13, the latest L/C data shows.
Fall in global rice prices, simultaneous surge in domestic rice prices and appreciation of local currency against dollar contributed to a surge in rice imports, reports oryza.com quoting the data.
Research Director at Bangladesh Institute of Development Studies (BIDS) told local sources that though rice imports witnessed a slump in the initial months of FY 2013-14, return of political stability in the country after January 5 elections has contributed to an increase in rice imports in the later months of the fiscal year.
According to data from the Bangladesh Food Ministry, the country imported around 374,560 tons of rice in FY 2013-14 (of which 371,500 tons are imported by the private sector and 3,060 tons are imported by the government), up about 13 times or about 1,195% from around 28,930 tons (25,270 tons by private sector and 3,660 tons by the government) imported in FY 2012-13.
The government of Bangladesh has set a target of importing around 200,000 tons of rice in FY 2014-15 to replenish falling stocks in the country, according to the Directorate of Food.
USDA estimates Bangladesh to import 678,000 tons of rice (including government and private sector) in 2014, up about 20 times from around 35,000 tons imported in 2013.
BBN/ANS-19Aug14-4:00pm (BST)
