Bangladesh food imports record high amid low production

 

Bangladesh mostly relies on food products imports. According to the Bangladesh import export data reports, the imports of cereals and other valuable food items worth around 1.1 trillion Bangladeshi Taka during the fiscal year 2022. 

Rice and Wheat are the most consumed products in Bangladesh. As per the Bangladesh customs data, around 4.5 million tonnes worth rice was imported by Bangladesh while 4.3 million tonnes worth wheat imported during FY 2022.

During fiscal year 2022, Bangladesh wheat production was around 1.2 million metric tons, whereas the country's rice production reached 35 million metric tonnes. Whereas, Bangladesh corn production is recorded to be 4.9 million metric tonnes in 2022. 

Due to adverse climatic conditions, Bangladesh staple food crops production has been affected. Experts forecasts for this year suggest the increase in the rice imports and decline in the imports of wheat.

Bangladesh is currently the 8th biggest importer of wheat globally. According to the Bangladesh import data reports, around 1.98 billion dollars worth of wheat was imported during FY 2022. India accounted for over 50% of total Bangladesh wheat imports. 

Ukraine, Canada, Russia, Australia, United States and Argentina are other major wheat exporters to Bangladesh. On the other hand, Bangladesh exports 75% of its wheat to Burma during 2021. While Singapore accounted for over 20% of Bangladesh total wheat exports. 

While rice is the 14th most imported product by Bangladesh. Bangladesh is the 4th biggest importer of rice globally. Bangladesh most of the rice imports come from India. India accounts for over 90% of Bangladesh total rice imports. But due to the latest ban on rice exports from India could affect Bangladesh. Bangladesh has to look for other sources like Burma, Vietnam and China.    

Bangladesh did a considerable amount of rice exports during 2022. As per Bangladesh export data, around 16 million dollars worth of rice was exported during this period. The top markets for Bangladesh rice exports were Saudi Arabia, Malaysia, United States, United Arab Emirates and Maldives.

Also, Bangladesh corn imports were on rise during FY 2022. As per Bangladesh import data reports, around 455 million dollars worth of corn was imported by Bangladesh in 2022. Again, India was the crucial supplier of corn to Bangladesh with over 76% share of total corn imports. Argentina and Brazil were other significant contributors to Bangladesh corn exports. Whereas Bangladesh exports most of its corn to Japan, Fiji and Netherlands.

Bangladesh is focusing on expanding its agricultural production. It is opting various measures and techniques in order to yield good production to meet domestic demand and reduce its dependency on imports. Agribusiness owners in Bangladesh and other countries can capture insights into the global market and make profitable decisions using Exim Global Trade Intelligence System.

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