As per the sources, it has been quoted by the Food Minister that the government of Bangladesh is planning to increase the import duty on rice imports from the current 10% to curb surging imports, especially from India and the new rate would be announced in a couple of days. Further, it has been indicated that the Indian rice has already arrived in the market because of a delay in rising the duty. In addition, it has also been noted that farmers would be harmed if duty is not increased and thus, the restriction of imports has been felt necessary to protect local prices during the Aman harvest, which will begin shortly.
Further, in this regard, it has been stated that the Bangladesh government imposed a duty of 10% on rice imports in May 2015 after rice imports by private traders surged significantly due to low global prices. Due to this, the Bangladesh traders imported over 1.4 million tons of rice in FY 2014-15 (July – June) as compared to only 374,560 tons imported in the whole year of 2013-14. According to the data as indicated in USDA estimates that Bangladesh’s MY 2015-16 (July 2015 – June 2016) milled rice production at around 34.6 million tons, which is slightly up from an estimated 34.5 million tons in MY 2014-15. Further, it also reported estimates that the Bangladesh to import around 1.2 million tons of rice in MY 2014-15 and about 600,000 tons in MY 2015-16.