April 20, 2024, 6:46 am

Rice prices soar despite surplus production

  • Update Time : Thursday, March 28, 2024
  • 12 Time View
Photo: Collected

Desk Report:

According to the Ministry of Agriculture, rice production is good enough, at least 5 million tons more than the demand. As a result, there is no need to import. But despite the surplus of rice, the price is increasing in the country’s market day by day.

On the other hand, according to USDA, the production of rice in Bangladesh this year is slightly less than the demand. The demand for rice has increased due to the decrease in wheat imports.

According to the Bangladesh Rice Research Institute (BRI), a total of 4 crore 12 lakh tonnes of rice can be produced in the current financial year. Of this Boro 2 crore 9 lakh tonnes, Aush 3 million tonnes and Aman 1 crore 70 lakh tonnes. And the demand of rice in the country is close to 3 crore 5 million tons. According to that, there should be a surplus of 50 to 60 million tons of rice in the country.

On the other hand, according to the USDA report, at the end of the current fiscal year (2023-24), rice production in Bangladesh will stand at 3.63 million tons. At the same time consumption will be 3 crore 76 lakh tons. That is, the difference between consumption and production is 13 lakh tons. There is a big gap between USDA’s production data and Bangladesh government’s data on rice production.

The demand for rice in the market is slightly less during this period of Ramadan. It is not supposed to increase the price. But for two weeks the price is slowly increasing. To control the situation, the food ministry initially held a meeting with the rice mill owners. The owners of rice mill have promised not to increase the price. Still the price did not drop; Rather increased. According to government agency Trading Corporation of Bangladesh (TCB), the price of rice per kg has increased by two to three taka in the last one week.

In such a situation, the government has chosen the old strategy to reduce the price of rice. Import duty reduced from 67 to 17 percent. Initially, the Ministry of Food has allowed 30 companies to import 83 thousand tons of rice. Consideration is being given to allowing some more establishments to import. In all, two lakh tonnes of rice may be allowed to be imported.

According to the government agency TCB, a kg of coarse rice in the market has increased by Tk 2 to Tk 52 in the last one week. And fine rice is being sold at 65 to 73 taka, increased by three taka. However, it has been seen that the price of such rice is being sold at a higher price in the market.

It was seen that the coarse rice (Golden and China Erie) which was Tk 50-51 per kg two weeks ago is now Tk 52-53. Medium quality rice (pajam and BR-28) has increased from Tk 55-56 to Tk 57-60 per kg. In two weeks, the price of medium quality rice has increased the most in the market. The price of medium quality rice has increased by Tk 2 to Tk 4 per kg.

And the price of fine rice like Miniket and Nazirshail has increased from Tk 62-78 to Tk 64-80 per kg. There are different types of Nazirshail rice in the market. However, they are being sold at higher prices depending on the quality.

Miniket and basmati rice have increased by Tk 2 per kg in the wholesale market in Kushtia Khajanagar, one of the biggest markets in the country. The price of BR-28 rice remains unchanged.

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