traders allowed to import rice to control soaring prices
Published on: March 22, 2024.
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Private-sector traders in Pakistan have been given permission to import 83,000 tonnes of rice in an effort to stabilize rising prices during the lean period. According to a notification from the Ministry of Food, 30 importers have been granted permission to bring in the rice before April 25. The imports, approved by the ministry’s procurement wing, include 49,000 tonnes of parboiled rice and 34,000 tonnes of non-basmati white rice.
The government has set strict guidelines for the imported rice, requiring it to be sold in prescribed sacks and prohibiting any repackaging. This move aims to prevent misdealing and maintain the quality of the imported rice.
The decision to allow private-sector traders to import rice follows a directive from the Prime Minister to lower prices of essential commodities. To facilitate this, the National Board of Revenue has eliminated the 25% import duty on rice and reduced the regulatory duty from 25% to 5% until May 15. However, importers will still have to pay approximately 15% in charges.
Interestingly, this permission for rice import comes at a time when global rice indices are showing an 11-year high trend as per FAO data. India, one of the major rice exporters, has also restricted rice exports for the past year, resulting in a 22-25% increase in rice prices in Pakistan over the last 15 months.
Farm-economist Prof Dr Rashidul Hasan believes that even if rice is imported from India, the cost of coarse rice import would not be less than Tk 65 per kg. He predicts that the impact on the market will be minimal if importers bring high-end rice.
Currently, coarse rice is being sold at Tk 44-55 per kg, medium rice at Tk 55-65 per kg, and finer rice at Tk 65-95 per kg across the country, depending on the location. These prices were reported by the Department of Agricultural Marketing (DAM).
Sources:
– rice exporters – [hasrice.com]
– pakistan rice exporters – [pakistanrice.com]
– white broken rice – [brokenrice.com]
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– rice exporters from pakistan – [hasrice.com]
– 25% broken rice – [hasrice.com]
– pakistan rice supplier – [hasrice.com]
– pakistan rice companies – [hasrice.com]
– rice mills in pakistan – [hasrice.com]
– rice business in pakistan – [hasrice.com]
– rice suppliers pakistan – [pakistanrice.com]
– pakistani rice prices – [hasrice.com]
– irri 6 rice price – [hasrice.com]
– basmati rice price list – [hasrice.com]
– rice export from pakistan – [hasrice.com]
– pakistan rice export prices – [hasrice.com]
– rice exporters in pakistan – [hasrice.com]
– irri 6 rice exporters pakistan – [hasrice.com]
– rice suppliers in karachi – [hasrice.com]
– basmati rice pakistan – [hasrice.com]
– broken rice exporters – [hasrice.com]
**Source:** [The Financial Express](https://thefinancialexpress.com.bd)
