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Indian millers, rice exporters eye windfall as Bangladesh plans to import 9 lakh tonnes
Indian rice exporters and millers are optimistic about a rise in demand and better prices following Bangladesh's plan to import nine lakh tonnes of rice, industry stakeholders said on Sunday.
India, which accounts for 46% of global rice exports, is likely to be the biggest beneficiary of the move due to its proximity, consistent supply, and competitive pricing.
According to exporters, Bangladesh will import four lakh tonnes through government tenders and another five lakh tonnes via private traders. The early import plan comes amid concerns over crop losses from heavy rainfall affecting the Amon paddy season.
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'Of the total import plan, 4 lakh tonnes will be procured directly by the Bangladesh government through international tenders, while another 5 lakh tonnes will be imported by private traders of the neighbouring country. The decision comes earlier than usual, amid fear of crop loss due to heavy rain that could impact Bangladesh's Amon paddy currently being sown,' Ricevilla Foods CEO Suraj Agarwal told PTI.
Jai Baba Bakreswar Rice Mill Director Rahul Agarwal said the rice industry in the country, especially in Bengal, is well-positioned to benefit from the proposed plan by the Bangladesh authorities, and he did not foresee any diplomatic hurdle amid India's curbs on the import of garments and jute through the Petrapole border.
'At least 30-40 per cent of the private imports will likely be sourced from Bengal mills and traders. Bengal mills will also participate in the government tenders for 4 lakh tonnes. States like Bengal, Jharkhand, Andhra Pradesh, Odisha, and Bihar will benefit the most,' he said.
Popular Indian rice varieties such as 'Swarna', 'Ratna', 'Miniket', and 'Sona Masoori' are expected to see price gains in both West Bengal and southern India amid the anticipated demand surge, he said.
Prices of 'Swarna Mansoori' parboiled rice, now at Rs 29 per kg (ex-mill), may rise to Rs 31-32, while 'Miniket' variety currently being sold at Rs 41-42, could touch Rs 45 per kg in the coming weeks, Suraj Agarwal said.
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Bangladesh's early import plan reflects 'precautionary steps ahead of possible floods during the Amon season', the stakeholders said.
Bangladesh has already procured 3.76 lakh tonnes of Boro paddy and 9.5 lakh tonnes of rice out of a 14 lakh tonne target, with procurement expected to conclude by mid-August. From next month, the country plans to expand its food-friendly programme to cover 55 lakh families, offering 30 kg of rice per month at Tk 15 per kg.
Exporters believe the development will further strengthen 'India's position as Bangladesh's key rice supplier while firming up prices for low-to-medium rice varieties in the domestic market'.
Visakhapatnam and Paradip ports are major ones for rice exports.
With inputs from agencies
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