In Bangladesh, rice prices in the eastern region have decreased by 16% over the past ten days, driven by the closure of land ports with India and an increase in local fresh harvests, according to local traders. They noted that prices for the commodity may continue to decline in the near future.

The price of parboiled miniket rice, a popular variety previously imported from India at a rate of 45,000 to 50,000 tonnes per month, has dropped to 53 rupees per kilogram from 62 rupees per kilogram.

Traders attribute the price reduction to the combined effect of restricted rice imports due to the sealed land ports and the availability of newly harvested rice within Bangladesh. This has increased local supply, contributing to the downward trend in prices.

The decline in rice prices is expected to benefit consumers in the eastern part of the country, where the commodity is a staple. Traders remain optimistic about further price reductions as local production continues to stabilize the market.