Monrovia – The Ministry of Commerce and Industry (MOCI) says the Government of India has announced a reduction in export duty on parboiled non-basmati rice, effective September 27, 2024. The export duty has been reduced from 20 percent to 10 percent.
This announcement comes after India had imposed a 20 percent export duty in August 2023 as part of its measures to address rising domestic food prices due to below-average rainfall.
Rice is the staple food for the vast majority of Liberians, and the Ministry of Commerce and Industry is fully aware of the critical role this commodity plays in ensuring food security in Liberia. As such, the reduction of the export duty by India, the world’s largest rice exporter, brings a significant opportunity to stabilize rice prices in Liberia and allay fears of potential price increases due to the earlier 20 percent export duty.
The Ministry, in collaboration with key stakeholders, says it is committed to assessing how this reduction in export duty will impact the price of rice in the Liberian market. The Ministry has already initiated consultations with rice importers, as well as the Rice Committee established by His Excellency, the President of the Republic of Liberia, Ambassador Joseph Nyema Boakai, Sr.
“These discussions will focus on ensuring that the benefits of this reduction are passed on to the Liberian people in the form of stable rice prices,” a release said. “The Ministry would like to assure the public that it is taking every necessary step to work closely with all relevant actors in the rice importation and distribution chains to monitor and assess the impact of the price. The reduction in export duty is expected to ease cost pressures on rice importers, thereby contributing to the stabilization of rice prices across the country.”
As rice remains a vital food source for Liberian households, MOCI says it is committed to ensuring that this positive development translates into tangible benefits for the population. The Ministry will continue to engage with all stakeholders and provide timely updates on the outcomes of these discussions.
The Ministry of Commerce and Industry reassures the public that every effort is being made to ensure that the reduction in India’s export duty leads to the sustained availability of rice at affordable prices for all Liberians.
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