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Rice News - Bangladesh Cuts the Import Duty on Rice
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Bangladesh Cuts the Import Duty on Rice

Bangladesh cut the duty on rice imports in an effort to bolster reserves and cool record prices of the staple grain in the country. The import duty on rice will be lowered to 25% from 62.5%. Bangladesh, traditionally the world’s third-biggest rice producer, has emerged as a big importer of the grain lately due to depleted stocks and record local prices after repeated flooding ravaged its crop. The government is rushing to build buffer stocks as it aims to import as much as 500,000 tonnes of rice in the year to June. It is finalizing the purchase of 150,000 tonnes of rice from India.