Despite duty exemption, only 30% of government-approved rice imports have reached Bangladesh due to a combination of factors. High dollar value, fluctuating international rice prices, and a drop in domestic prices deterred importers, leading to concerns about potential losses. Reduced paddy production, unmet procurement targets, and the influence of a syndicate driving artificial price hikes further contributed. To stabilize the market, the government permitted private-sector rice imports, lowering import duty from 62.5% to 15.25% and extending the import period. However, importers faced challenges such as fluctuating exchange rates and rising global import prices. The impact of these factors emphasizes the intricate dynamics influencing rice imports and domestic prices.
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