Bangladesh hikes Rice import duty to 55% to support farmers
Commodity Online | May 23 2019
UPDATED 15:36:54 IST

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Bangladesh has raised import duty on rice to 55% from 28% to support its farmers, officials said, amid widespread protests over a drastic fall in domestic prices.

Rice prices in Bangladesh have fallen to a nearly three-year low impacted by downturn in paddy prices at the farmers’ level in the wake of good harvest as well as higher private and public stocks of the grain.

The new tax rates would further curb rice imports, especially from neighbouring India, which emerged as the biggest supplier to the South Asian country in 2017 after floods destroyed its crop.