Iran expected to import 1.6 million tons of rice until March 2020

Business Materials 6 June 2019 14:02 (UTC +04:00)

Baku, Azerbaijan, June 6

By Elnur Baghishov - Trend:

Considering the rise in local rice prices and therefore the increasing need in import rice, it is expected that Iran will import 1.6 million tons of rice until the end of the current Iranian year (March 21, 2019-March 20, 2020), Masih Keshavarz, secretary of the Iran Rice Importers Association, told the Young Journalists Club (YJC), Trend reports.

According to the statistics of Iran's Customs Administration for the first two months (March 21, 2019-May 21, 2019) of the current Iranian year, the country imported 370,000 tons of rice, Keshavarz said.

Commenting on the 10-percent increase in Indian rice prices, Keshavarz noted that Iranian importers are trying to import Indian rice for minimum possible price.

Currently negotiations are underway with Thailand and Pakistan to import rice for minimum price and pay using non-bank methods due to sanctions imposed on Iran, he added.

He further added that each kilogram of Indian and Pakistani rice is imported for 70,000 rials (roughly $1.6) and 72,000 rials (roughly $1.7), respectively and sold to the local market adding 10,000 rials to the initial price.

Presently, the price of local Iranian rice for one kilogram varies between 150,000-200,000 rials (according to official rate, roughly $3.5-$4.7; the black market rate, roughly $1.15-$1.53).

The US imposed sanctions on Iran in November 2018.