Rice imports hit nearly $700m in FY25 amid flood losses This season, procurement

Bangladesh imported rice worth approximately US$700 million in the last fiscal year (FY25), marking a nearly 2,600 per cent increase over the previous year, according to Bangladesh Bank data.

Officials at the Directorate General of Food (DG Food) told The Financial Express on Saturday that both public and private sector rice imports reached record highs in several years, aimed at replenishing food reserves and stabilising markets amid rising inflationary pressures.

"There were three consecutive floods in the last fiscal year that wiped out more than 1.0 million tonnes of rice production," said a senior official at the DG Food procurement unit.

"Such high imports are unlikely this fiscal year as domestic rice production remains adequate. So far, we have not taken any steps to procure rice from abroad this fiscal year, but the government is ready to act when necessary."

The most destructive flood occurred in August 2024, inundating 11 districts in the eastern region, including Feni, Noakhali, Lakshmipur, and Cumilla.

Preliminary disaster management data showed the floods affected around 5.8 million people and displaced more than half a million, causing extensive damage to standing Aman and early Boro crops.

Meanwhile, DG Food officials said they have already collected a record volume of rice and paddy this season. The agency initially targeted 1.4 million tonnes of rice for local procurement, but actual purchases rose to 1.45 million tonnes.

Paddy procurement also exceeded expectations, reaching 0.37 million tonnes against a target of 0.3 million tonnes.

Officials attributed the record procurement partly to higher prices offered this year. To strengthen food stocks, the government raised the Boro paddy procurement price to Tk 36 per kilogram, up from Tk 32 last year.

Similarly, the rice procurement price was fixed at Tk 49 per kg, compared with Tk 45 per kg previously.

As a result, government food stocks have increased to 2.2 million tonnes, up from 1.2 million tonnes last year. However, wheat imports fell more than 20 per cent, worth $1.6 billion during the same period.

jasimharoon@yahoo.com