Agri Commodities

Bangladesh To Import 1 Lakh Metric Tonnes Of Rice From India And Singapore

Bangladesh To Import 1 Lakh Metric Tonnes Of Rice From India And Singapore

With wide-scale immunization and the deteriorating impact of covid-19, people had high hopes from the year 2022. They expected the year to support recovery in every aspect especially after Covid-19 disrupted normal function in the last couple of years.

However, the year turned out to be a disappointing one for the world in general and for people related to agro-trade industry in particular. With the start of the year, started the Russian invasion of Ukraine and the war between the two biggest grain producers and exporters of the world disrupted the entire supply chain and drove several nations on the brink of a severe food crisis.

Adverse weather conditions in different parts of the world further added to the woes and consequently countries in different parts of the world started struggling to procure adequate supplies for domestic consumption. While the disruptions made things difficult for almost all, poor and developing countries like Bangladesh faced most of the heat.

Located to India’s south, Bangladesh has been struggling to meet its needs ever since the Russia-Ukraine war broke. While the war between the two, choked supply chains and raised prices of essentials in the global market, high monsoon rainfall led to flooding and hampered domestic crop production.

Owing to the series of events, Bangladesh has been heavily relying on Imports of Agro Commodities to meet its domestic needs and as of now, the Asian nation has decided to import 1 lakh metric tonnes of rice to feed its hundreds of citizens.

India and Singapore To Help Bangladesh Avert The Rice Crisis

Luck seems to be in favor for Bangladesh in 2023 as in the first week itself, the Asian nation has signed deals with two organizations, one from Singapore and the other from India for the import of 1 lakh metric tonnes (mt) of rice into the country.

As per the official statement from the government of Bangladesh, the country is set to import 1 lakh metric tonnes (mt) of Non-Basmati Parboiled rice from the two countries, for which it will have to shell out a total of Tk 423.76 crore.

From India, Bagadiya Brothers Private Limited who quoted the lowest price of $393.19 per tonne in the international tender bagged the order out of the four participants.

And on the other hand, Singapore-based Agrocrop International Private Limited, who quoted the lowest sum of $397.03 per tonne among the three bidders grabbed the deal.

The Bottom Line

The series of events in 2022 have made living difficult and while the circumstances have been same for all, poor and developing countries like Bangladesh have had a hard time in comparison to others.

The Russia-Ukraine war and adverse weather conditions that have hampered domestic crop production have forced the Asian nation to rely on imports for its domestic needs.

However, all has not been bad for the country. Amid chaos in a global market where procuring supplies has been difficult in comparison to others, Bangladesh has signed deals for Non-Basmati Parboiled rice from India and Singapore and with that have calmed the anxious citizens of the country.

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