Rice imports see near 2,600pc hike in FY25: Bangladesh Bank
Rice imports into Bangladesh surged 2,584% to \$682.4 million in FY25, driven by flood losses of over 1 million tonnes and efforts to stabilise markets. The government resumed rice imports from India, expecting a Tk 5–7/kg price drop. Overall food grain imports rose 12.1%, while wheat, sugar, and spice imports declined.
The import of rice witnessed a staggering 2,584 per cent hike, reaching $682.4 million, in the past financial year 2024-25, according to Bangladesh Bank data.
The amount of imports was worth $25.4 million in FY24, according to the central bank’s data, compiled based on commodity-wise import statistics recorded by customs.
Meanwhile, officials of the Directorate General of Food claimed that more than 1 million tonnes of rice was spoiled due to three consecutive floods across the country in the previous financial year.
‘Moreover, government and private sector traders imported rice to fill the food reserves, stabilise markets during inflationary pressures,’ they added.
In August and September of 2024, floods damaged about 10 lakh tonnes of Aman rice in 11 districts in Chattogram divisions, along with districts in Sylhet and Mymensingh divisions, according to the Department of Agricultural Extension’s estimate.
However, the food directorate officials said that the country might not need to import rice in such high amounts as domestic rice production remained adequate.
Meanwhile, data on domestic production for FY25 is yet to be published.
According to central bank data, the overall import of food grains increased by 12.1 per cent in FY25.
Apart from rice, Bangladesh imported wheat worth $1.62 billion in FY25, a 20.1 per cent decrease from $2.03 billion in FY24.
In FY25, the country imported consumer goods worth $5.68 billion, 15.3 per cent higher than $4.93 billion in FY24.
Among the notable consumer goods, milk and milk cream imports increased by 15.9 per cent to $458 million in FY25 from $395 million in FY24, while spice imports stood at $459 million, a 4.5 per cent decrease from $481 million.
Bangladesh spent $2.71 billion to import edible oil in FY25, which was 23.8 per cent higher than $2.19 billion in FY24, the Bangladesh Bank data reported.
Customs house recorded data stated that pulse imports soared by 34.4 per cent $946 million in FY25 from that of $704 million in FY24.
The country’s sugar imports declined by 4.5 per cent to $1.10 billion in FY25, compared with that of $1.15 billion in FY24, according to the BB data.
Meanwhile, after a four-month pause, Bangladesh resumed rice imports from India through Benapole Land Port.
On Thursday night, nine trucks carrying a total of 315 tonnes of rice entered yard No-31 of the port at around 9:30pm, Shamim Hossain, director of Benapole Port, said on Friday, UNB reported.
The last rice import through the port occurred on April 15 of this year.
Importers said that the government had taken the initiative to import coarse rice from India to stabilise local markets, which was expected to reduce rice prices nationwide.
The imports are likely to reduce the price of rice by Tk 5-7 a kilogram.
Earlier on August 13, the government announced that it would allow duty-free imports of 5,00,000 tonnes of rice in a move aimed at stabilising domestic prices.
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Source : New Age
