Bangladesh increases import duty on rice

12/06/2018,

On 7 June, the Government announced it will increase import duties on rice to 28 percent from the previous 2 percent, which was set in August last year, after domestic prices had climbed to record highs (FPMA Food Policies). The recent measure aims to curb imports and support farmers, in view of a rebound in the 2018 output, after two successive years of production shortfalls. Production this year is forecast at around 53 million tonnes, which is 4 percent up from the reduced level last year, on account of higher plantings and yields. Conversely, imports in 2018 calendar year are expected to decline significantly from the exceptionally high level of 2.4 million tonnes last year.

Country: Bangladesh