Floods in Bangladesh have destroyed an estimated 1.1 million metric tons of rice, according to data from the agriculture ministry, prompting the country to ramp up imports of the staple grain amid soaring food prices. ADVERTISEMENTThe agriculture ministry said this year's flooding has resulted in a substantial loss of rice production. In response, the government is moving quickly to import 500,000 tons of rice and is expected to permit private sector imports soon, a food ministry official said. Higher imports by Bangladesh could lift shipments from neighbouring India, the top global rice exporter, which last month cut the duty on parboiled rice exports to 10%. Bangladesh, the world's third-largest rice producer, typically produces nearly 40 million tons of rice a year to feed its population of 170 million.

Source: The Telegraph October 20, 2024 16:32 UTC