Commodities Buzz: Bangladesh Could Increase Rice Import Duty To 28%, Indian Rice Exports Set To Hurt

Bangladesh might increase rice import duty to 28% from 2% currently in order to support local farmers as production of the commodity is likely to turn in a stronger performance. The duty hike would reduce imports, particularly from India, which emerged as a biggest supplier to the south Asian country last year. Bangladesh imported a record of more than 3.7 million tonnes of rice in the July-April period, data from the countrys food ministry showed.