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Economy

Bangladesh’s Rice Revolution: Record Crop Fuels Economic Hopes

by Press Xpress October 17, 2023
written by Press Xpress October 17, 2023
Farmers in Bangladesh have not only adopted new rice varieties but also improved their agricultural practices
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Farmers in Bangladesh have not only adopted new rice varieties but also improved their agricultural practices

Rice production in Bangladesh has been surging for the past six consecutive years, and the fiscal year 2022-23 was no exception. The nation’s farmers have embraced high-yielding varieties (HYV) and hybrid rice, leading to a remarkable increase in rice cultivation.

You Can Also Read: IMF’S FERVENT ENDORSEMENT: BANGLADESH ECONOMY ON RIGHT TRACK

According to data released by the Bangladesh Bureau of Statistics (BBS), rice production reached an all-time high, making it a remarkable achievement for the country. In fiscal year 2022-23, Bangladesh witnessed a substantial increase in rice production, particularly during the dry season crop Boro. The country harvested a staggering 2.07 crore tonnes of rice during the Boro season, representing a 3 percent growth compared to the previous fiscal year.

Total rice production reached an unprecedented high, standing at 3.91 crore tonnes, marking a 2.5 percent year-on-year growth. This historic achievement reflects the nation’s dedication to agricultural development and self-sufficiency in rice production.

Country’s Present Rice Production Scenario

The country has experienced a significant surge in rice production over the past few seasons. In the most recent fiscal year (2022-23), rice production reached an all-time high.

Source: Ministry of Agriculture

Notably, medium rice production has been consistently increasing, mainly due to the introduction of new rice varieties developed by the country’s scientists in recent years.

 Currently, Bangladesh cultivates 50 different rice varieties, with 40 percent of the total rice output coming from medium varieties BR-28 and BR-29.

The Global Food Outlook report from the United Nations Food and Agriculture Organization (FAO) has projected that Bangladesh is likely to maintain its impressive rice production trend.

The latest report indicates that Bangladesh will experience the highest increase in rice production globally in the coming year (2023-24), with a potential growth rate of 1.8 percent compared to the previous year (2022-23). Additionally, Bangladesh will retain its position as the third-largest rice producer worldwide, following China and India.

According to the Ministry of Food, government warehouses currently hold 19,46,409 tons of food grains, with 16,08,233 tons of rice and 1,21,092 tons of paddy, representing an increase from the previous year.

In July of this year, the United States Food and Agriculture Organization (USDA) released two reports, including one titled ‘Grains: World Market and Trade,’ which confirms the upward trajectory of staple food production in Bangladesh. The report notes that rice production in Bangladesh has risen by a total of 750,000 tons in the past year, resulting in a reduction in rice imports. In the 2020-21 fiscal year, Bangladesh imported 26,50,000 tons of rice, whereas in the 2022-23 fiscal year.

Factors Behind the Record-Breaking Rice Production

Factors Behind The remarkable rice production are discussed below;

  • One of the key drivers behind this remarkable achievement has been the widespread adoption of high-yielding varieties (HYV) and hybrid rice. Data from the BBS indicates that high-yielding varieties (HYV) of rice seeds have seen a significant increase in acreage. In FY23, they accounted for 81 percent of total rice acreage, up from 73 percent in FY10. Similarly, the cultivation of hybrid rice, which offers higher yields compared to HYV and local seed varieties, increased from 6 percent in FY10 to 10 percent in FY23. During the same period, the cultivation of local rice varieties declined by half, constituting only 9 percent of the total rice area.
  • Farmers in Bangladesh have not only adopted new rice varieties but also improved their agricultural practices. Modern seeds with higher yields have been introduced and cultivated, leading to increased productivity.
  • Additionally, balanced fertilizer use, thanks to government subsidies for non-urea fertilizers, has played a crucial role in enhancing yields. Overall, farmers have been more attentive to their fields, focusing on food security for their families and generating surplus grains for the market

Reduced Rice Imports

The surge in rice production has had a positive impact on the country’s economy.

This can be attributed to the increased yields in the previous fiscal year, which alleviated the need for significant imports. The increased rice production not only reduces the country’s dependence on international rice markets but also contributes to economic stability.

Experts Opinion

To sustain and further expand this rice production wave, experts emphasize the importance of continued research and development in agriculture. The government’s focus on agriculture, supported by dedicated agricultural officials and scientists, is crucial. Crop insurance for farmers is also vital to protect them from losses due to natural disasters, ensuring their continued engagement in rice cultivation.

Mohammad Jahangir Alam, a professor of agribusiness and marketing, highlights that higher production reduces the pressure on foreign exchange reserves, especially during times of US dollar shortages. Stable rice prices benefit the population, particularly the economically vulnerable segments.

With Bangladesh’s population approaching 17 crore, there is a growing need to meet domestic rice requirements without relying on international markets. By investing in agricultural inputs like fertilizers and maintaining a strong production momentum, the government can ensure long-term food security, particularly in an increasingly volatile geopolitical landscape.

Conclusion

Bangladesh’s record-breaking rice production in fiscal year 2022-23 is a testament to the country’s dedication to agricultural innovation and sustainable practices. The shift towards high-yielding varieties and hybrid rice, improved agricultural methods, and reduced rice imports have not only strengthened the economy but also ensured food security for millions. To maintain this upward trajectory, continued investment in agricultural research, support for farmers, and strategic planning are essential. As Bangladesh rides this wave of rice production, it sets a promising example for the world in achieving self-sufficiency in a staple crop while fostering economic growth.

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