Rice import in the first nine months of the current fiscal year has dropped to one third due to increase in production of rice and a price fall.According to Bangladesh Bank statistics, a total of 6.26 lakh tonnes of rice was imported from July to March 26 in the current fiscal year while it was 19.52 lakh tonnes during the same time last year. The fall in import was about 216 percent.Letters of credit (LCs) have been opened for importing 1.97 lakh tonnes of rice this fiscal year in place of 19.80 lakh tonnes last year.

Sources at the food ministry said, if import of 5 lakh tonnes of rice from India through government-to-government agreement is not counted, the import figure comes down further.

In the last fiscal year, following significant increase of rice prices in the country, an agreement was signed with India for importing 5 lakh tonnes of rice, which reached this year.

According to primary data, the country has crossed the production targets for Aus and Aman and is expected to cross production target for Boro, which will help to further reduce the dependency on rice import, agriculture ministry sources said.

According to agriculture ministry's primary statistics, the production of Aus stands at 23 lakh tonnes this season against its target of 22 lakh tonnes while the target for Aman was fixed at 1.3 crore tonnes.

Though the actual yield of rice is yet to be finalised, primary statistics available at agriculture ministry say the country has crossed the production targets for Aus and Aman this season, sources said.

The Boro production target was set for this year at 1.8 crore tonnes. But Boro plantation has crossed the target. As a result, the production target for Boro would be achieved if the weather remains favourable, agriculture ministry sources said.

The price of rice has already started falling on country's kitchen markets. Yesterday the price of coarse rice fell by about 41 percent. It was sold at Tk 20-22 per kg while it was Tk 35-36 per kg during the same period of last year.

In the meantime, other varieties of rice prices also fell from 17 to 24 percent.

Food ministry officials said, apart from price fall on the domestic markets, the stock of rice in government warehouses is also better.

According to a statistic of February, the food stock in government godowns is over 13 lakh tonnes while the amount was 6 lakh tonnes during the same period last year.

However, though the rice import has decreased, the import of wheat has risen this year. The import of wheat stands at 14.90 lakh tonnes from July to March this year while it was 12.85 lakh tonnes during the same period last year.