Bangladesh became the reason
On 22 June, Bangladesh issued a notification stating that the neighboring country would import non-basmati rice from India by 31 October. Bangladesh starts importing rice from India every year in September-October. But for the first time Bangladesh has started importing rice from India so early. Bangladesh fears that India may not ban the export of rice like wheat, so the neighboring country has started importing rice soon with a huge tax exemption. Last year’s floods in Bangladesh have reduced the production of rice and wheat.
Price has increased in the last five days – Group
“In the last five days, the price of Indian non-basmati rice has increased from $350 a tonne to $360 a tonne in the global markets,” said BV Krishna Rao, president of the Rice Exporters Group. He added that India’s early rice from Bangladesh This has happened after the news of starting the import of
Bad situation due to rain and flood
Rising wheat prices and declining imports have pushed up flour prices in Bangladesh, forcing people to rely on increased consumption of rice. Besides wheat exports, the early onset of heavy rains and storms reduced rice yields. Fears of further volatility in rice prices have increased. Bangladesh has decided to start importing rice very soon so that the price of rice does not increase too much and there is a shortage of stock.
UP, Bihar and Bengal more affected
According to the Economic Time report, rice prices have already increased by 10 percent and are still rising. Bangladesh usually buys rice from West Bengal, Uttar Pradesh and Bihar. Rice prices have risen in these three states due to the commencement of rice exports to Bangladesh. In West Bengal, Uttar Pradesh and Bihar, the price will increase by 20 percent, while in all other states, the price of rice will increase by 10 percent.
India, the world’s largest rice consumer after China, accounts for over 40% of the global rice trading market.