Tehran, Iran, July 01
Trend:
The price of domestic rice in Iran has dropped after decline in public demands and increase of foreign rice consumption, said Secretary of Iran's Rice Association.
"The price of Iranian rice has dropped by 15 percent. However, earlier a sudden increase in prices was reported to supervising organization, but no action was taken to confront the illogical prices in domestic rice market," said Jamil Alizadeh Shayegh, Trend reports citing ILNA.
"The people increased foreign rice consumption, and this caused decline in the price of the domestic rice. More than 600,000 tons of foreign rice have been imported in the current Iranian year (started March 21, 2019), so the market is overloaded with foreign rice with their specific prices," he added.
"From the start of current Iranian year, rice has been cultivated in around 600,000 hectares of land, and it will lead to high amount of products in August," he said. "The high volume of rice supply would lead to further price cut and country will no longer not require imports."