Rice imports fail to curb prices

Despite the import of 50,161 tonnes of rice through Bhomra land port in Satkhira alone over the past month, rice prices in the domestic market have remained stubbornly high. 

The duty-free rice imports, permitted to 92 companies since November 13, were aimed at stabilising prices, but no significant impact has been observed.

Importers report that approximately 40 companies are actively importing rice from India via Bhomra Port. Between December 1 and December 21 alone, the top importers brought in 35,668 tonnes of rice. The proximity of Bhomra Port to Kolkata, India, makes it a preferred route due to lower transportation costs. Customs Deputy Commissioner Abul Kalam Azad confirmed the steady influx of large consignments.

Despite the imports, rice prices remain high. Importers and wholesalers are pointing fingers at each other for the lack of price reduction.

Abu Hasan, president of the Bhomra Land Port C&F Agent Association, said that while imports are regular, domestic market conditions and alleged local syndicates are preventing price decreases. 

He emphasised the need for strict administrative monitoring to address the issue.

Consumers, meanwhile, are bearing the brunt of the price surge. Buyers at the Sultanpur wholesale market express frustration, noting that their monthly expenses are heavily strained by inflated rice prices.

Schoolteacher Azizul Islam said, "I hear that large quantities of rice are being imported, but there’s no relief in the market. Prices are still abnormally high."

Wholesale traders at Sultanpur market attribute the high prices to reduced domestic rice production caused by floods and other factors. They argue that mill owners are not lowering prices, leaving little room for wholesalers to adjust rates.

“Imported rice costs over Tk 50 per kilogram. Adding transportation and other expenses, we can’t sell it for less,” one trader explained.

Additionally, traders pointed out that current import volumes fall short of market demand. Without an increase in stock, they believe prices are unlikely to drop.

The situation underscores the challenges in balancing import strategies and market stabilization, leaving both consumers and traders dissatisfied.