After the government completely removed the import duty, rice imports resumed through the Hili land port in Dinajpur, ending over a 19-month hiatus.
On Monday, the first shipment of rice from India entered the country. And it is expected the import will help to drop rice prices in the local markets.
Mohammad Mostafizur Rahman, an importer at Hili land port, said the government lifted the import duty on rice on October 31 to control prices in the domestic markets.
Following the initiative, rice importers applied to the relevant government ministry and received the import permission on Sunday. Consequently, imports from India resumed on Monday.
He also mentioned five importers at the port have received approval to import 33,000 metric tons of rice.
The rice is currently being imported under LC at a price of $420–430 per ton, which interprets to 53–54 Taka per kilogram, including all costs.
Given the market demand, there is no immediate risk of losses.
Lalit Keshra, owner of Messrs Sairam International, said we are importing rice following the government's directive to maintain a normal supply and control prices.
Rice will be imported daily, he added.
Mohammad Yusuf Ali, Deputy Assistant at the Plant Quarantine Center at Hili land port, said rice imports were halted on March 30 last year after the government imposed a 62% import duty to discourage imports.
Since then, rice imports through Hili land port had been suspended, added Ali.
