Bangladesh looks to In­dia af­ter scrap­ping rice deal with Cam­bo­dia

Financial Chronicle - - MONEY GAME -

hope we will suc­ceed to fi­nalise a deal with them."

Tra­di­tion­ally the world's fourth-big­gest rice pro­ducer, Bangladesh has emerged as a ma­jor im­porter of the grain this year and helped pushed Asian rice prices to multi-year highs in June.

Bangladesh has also is­sued a se­ries of ten­ders as it looks to im­port a to­tal of 1.5 mil­lion tonnes of rice in the year to June.

Rice at ware­houses gov­ern­ment stood at 411,000 tonnes, well be­low the nor­mal level of around 1 mil­lion tonnes.

In Au­gust, Bangladesh cut a duty on rice im­ports for the sec­ond time in two months. The lower im­port duty has prompted pur­chases by pri­vate deal­ers, with most of the deals be­ing struck with neigh­bour­ing In­dia.

Bangladesh pro­duces around 34 mil­lion tonnes of rice an­nu­ally but uses al­most all its pro­duc­tion to feed its pop­u­la­tion.

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