A significant volume of rice, totaling 104,859 metric tons, has been imported through the Hili land port over the past 35 days, leading to a notable decrease in rice prices across the country.
Md Shakhawat Hossain Shilpi, president of the Dinajpur Hili Land Port Importer-Exporter Association, confirmed on Thursday that this substantial import, facilitated by over 2,400 Indian trucks over 35 days, has had a direct impact on the domestic rice market.
According to Md Nizam Uddin, revenue officer of the Hili Land Port Customs Division, a total of 2,421 trucks brought in the rice from August 12 till Wednesday, with rapid clearance processes underway due to high demand in the country's market. Importers are bringing rice from India at a 2% tariff set by the National Board of Revenue (NBR).
The initiative to import rice was permitted by the Ministry of Commerce starting August 12, aiming to stabilize the volatile rice market in the country.
The impact on retail prices is already evident. Md Shakhawat Hossain Shilpi stated that rice prices in Hili's retail market have fallen by Tk4 to Tk6 per kg depending on the variety.
Anil Chandra Roy, a retail trader in Hili, specified that coarse rice, previously sold at Tk55 per kg, is now retailing for Tk50 to Tk51, while Shompa Katari rice, which was Tk74 per kg, is now selling for Tk68.
Roy expressed optimism that rice prices would continue to fall in the future.
Md Rafiqul Islam, another importer, mentioned the import price ranges from $520 to $540 per ton, significantly influencing market prices.
Customs officials have confirmed that import activities are ongoing, further contributing to the declining trend in rice prices.
