No impact on local rice market amid new export conditions set by India
Bangladesh’s rice market remains stable despite India’s new export rules requiring non-basmati rice exporters to register with APEDA. Officials report sufficient stocks and falling global prices. Last fiscal year, Bangladesh imported ~600,000 tonnes of rice from India, with the current target at 950,000 tonnes. Upcoming government tenders include 100,000 tonnes from India.
India has recently introduced new conditions on its rice exports, but officials and traders in Bangladesh say the move has not affected the country’s rice market so far.
Bangladesh, which relies heavily on India for rice imports to maintain adequate domestic reserves, continues to see price stability despite the new export requirements.
Officials from the Directorate General of Food said that with sufficient stocks in hand and falling prices in the global market, there is no reason to expect any disruption in supply.
On 24 September, India’s Directorate General of Foreign Trade (DGFT) issued an order requiring exporters of non-basmati rice to obtain registration from the Agricultural and Processed Food Products Export Development Authority (APEDA) before shipping their consignments.
Under the directive, rice can only be exported after the contract has been duly registered with APEDA.
Bangladesh primarily imports non-basmati (common) rice from India. In the last fiscal year, Bangladesh imported around 600,000 tonnes of rice from its neighbour, and the target for the current fiscal year remains roughly the same.
Md Moniruzzaman, director of procurement at the Directorate General of Food, said that the new rule will not hinder imports.
“The suppliers we purchase from have already completed their registration with APEDA,” he said.
According to data from the food department, Bangladesh has set an import target of 950,000 metric tonnes of rice for the current fiscal year, including 97,000 tonnes of atap (non-parboiled) rice and the rest parboiled varieties.
Local importers also echoed similar views. Chitta Majumdar, one of the country’s leading rice importers, said, “The new Indian condition has not caused any complications for us. The rice market in Bangladesh remains unaffected.”
Meanwhile, the Cabinet Committee on Government Purchase on Wednesday (8 Oct) approved the import of 50,000 tonnes of rice from India. Another open tender for an additional 50,000 tonnes is scheduled for 15 October.
In the previous fiscal year, the government authorised the private sector to import up to 1.6 million tonnes of rice, although the food department could not confirm the exact amount imported.
Despite India’s latest export restrictions, both government officials and traders in Bangladesh remain confident that the country’s rice supply and market prices will stay stable in the coming months.
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Source : Daily Sun
