Food Minister for Bangladesh, Sadhan Chandra Majumder, also met the Russian Ambassador to formally discuss the strategy for wheat import and the growing importance of bilateral trade relations between the two countries.
The Directorate General (DG) of Food in Bangladesh has already forged contracts for importing more than 4 lakh tonnes of wheat from Russia. The rate of purchase will be at $320 per tonne during the first half of the fiscal year 2023-24. Russia has so far shipped more than 2 lakh tonnes of wheat to Bangladesh and the remaining imports will be sent in next month.
Russia has emerged as a major source for importing wheat in to Bangladesh. Out of the 7 lakh tonnes of wheat imported by Bangladesh in the past fiscal year 2022-23, about 4 lakh tonnes had arrived from Russia. This underscores the crucial position of Russia as a key contributor to meeting the wheat demand in both the public and private sectors of Bangladesh.
Data from the food ministry reveals that between July 1 and January 17 in the fiscal year 2023-24, the public sector’s wheat import reached 2.61 lakh tonnes, emphasizing the pivotal role of wheat imports in addressing the domestic demand for this staple food item.
The ongoing collaboration in the wheat trade between Russia and Bangladesh is anticipated to have a positive impact on the economies of both nations. As this relationship evolves, the proposed wheat export not only addresses immediate food security concerns but also lays the groundwork for broader economic cooperation and growth.
Wheat is the second staple in Bangladesh with nearly 8.5 million tonnes of annual consumption and the consumption has been increasing by 5.0-6.0% per annum. The USDA report said Russia and Ukraine combined supplied 42 per cent of the total imports in the marketing year 2020-2021.
Bangladesh sources a significant portion of its wheat imports from India, Ukraine, and the United States, ranking as the third-largest wheat importer globally. The leading importers of wheat are the United States, with 265,020 Tonnes, followed by the Netherlands at 78,487, and Bangladesh securing the third position with 62,173 Tonnes.