...

Iran rice import drops by 50 percent

Business Materials 24 August 2020 14:51 (UTC +04:00)
Iran rice import drops by 50 percent

TEHRAN, Iran, Aug. 24

Trend:

During the first five months of the current Iranian year (started on March 20), the amount of Iranian rice imports has decreased by 50 percent compared to the same period of the previous year, the secretary of Rice Importers Association of Iran said.

“If the government does not take measures to meet the demands, we will face a serious crisis in the supply of the rice,” the secretary of Rice Importers Association of Iran Masih Keshavarz said, Trend reports citing YJC news Agency.

"Large proportion of imported rice is stored at warehouses at the border, but due to the non-allocation of foreign currency at NIMA rate (The foreign exchange rate in Integrated Forex Deals System equal to 199,000 rial per dollar), there is uncertainty around clearance," he said

Regarding the impact of high foreign rice prices on the Iranian rice market, Keshavarz said that "If the price of domestic rice remains the same, consumers will prefer it because of its similar pricing with foreign rice."

The secretary of the Rice Importers Association said "due to the increase in production costs and the tripling of foreign rice prices, there is a possibility of a 10 to 20 percent increase in the price of Iranian rice, which will decrease consumption of domestic rice."

“Middle and Low-income households will look for alternatives if the pricing of the domestic product doesn't stabilize,” he added.

Keshavarz announced the monthly consumption of foreign rice as 120,000 tons.

Tags:
Latest

Latest