Monrovia, Liberia -The 25kg bag of Indian parboiled rice (5% broken) will now cost $18.50 instead of $16.75, according to the Ministry of Commerce and Industry.
The Ministry stated that this decision was made on Friday, May 17, 2024, after talks with the nation’s top rice importers, according to a news conference in Monrovia. The importers attributed the price change to external circumstances that were both uncontrollable and unfavorable.
According to the Commerce Ministry, the Ukrainian situation has caused disruptions in shipping routes through the Suez Canal, which has increased shipping expenses. These global issues have an impact on this choice. The export of Indian parboiled rice, in addition, is now subject to a new 20% export levy from the Indian government.
The Rice Importers Association asked for a price increase in 2023 in order to account for the effect of outside variables on the price of importing rice. But the choice was delayed until after the legislative and presidential elections of 2023. After negotiations between the Ministry and the importers, the Association resubmitted its request in February 2024 Amin Modad, Minister of Commerce and Industry. On February 19, 2024, the price of the 25kg bag of Indian Parboiled Rice was lowered to USD $16.75.
According to the Ministry of Commerce and Industry, 120,000 metric tons of the 25 kg bags of Indian parboiled rice were in stock in the nation at the time the decision was made.
These stocks were anticipated to endure for the next three to four months, with additional orders coming in May and June. The Rice Importers Association committed to investing in local rice production through the Ministry of Commerce and Industry’s Value Addition Program, with the goal of supporting local farmers, reducing reliance on imported rice, and increasing the national rice reserve as a buffer against external shocks.
This was done in order to give citizens more affordable options in the face of global changes impacting rice prices. A USD $200,000 down payment was declared during a meeting with the importers on May 17, 2024.
The Ministry congratulates the Rice Importers Association on their decision and assures the Liberians that price reviews would always be carried out on a regular basis. It is anticipated that by increasing domestic rice production, the nation will become less dependent on imports and strengthen its national rice reserve as a safeguard against outside shocks.
