Our food security is at genuine risk

As the global market continues to remain topsy-turvy, and with India banning wheat exports on May 13, Bangladesh needs to put more focus on ensuring its short- to medium-term food security. Reportedly, the government is banking on having a good harvest of Boro paddy to bolster its grain stock. Experts, however, have warned the government not to solely rely on local production of food grains. The government should take heed of their warning, and look to secure other sources of import at the earliest—before more countries start to impose similar export bans to guarantee their own food security.

By the looks of things, the global market will continue to remain volatile—at least for the foreseeable future. Many predicted the current crisis in regards to a shortage of food grains globally due to Russia's invasion of Ukraine and other related factors. The export ban by India is a big concern, as Bangladesh has been importing significant amounts of wheat from its neighbour over the past years. But government officials say the ban is not likely to have much of an impact, since India has only banned commercial wheat exports, and the government can still import the item through government-to-government deals using its good relations with New Delhi.

Only a day after the ban was announced, however, wheat prices increased by as much as 25 percent in the local markets here. What explains such a sharp rise in price in such a short time? If what the officials have said is true, there is no reason for the price hike—except for traders trying to exploit the situation. Therefore, besides bolstering its grain stock by importing wheat and other food items from different sources, the government also needs to remain vigilant to check any attempts to manipulate prices by powerful traders and syndicates.

As experts have pointed out, Bangladesh is already under significant inflationary pressure right now. Because people in huge numbers are struggling to afford many essentials, they are being forced to give up on a variety of foods and fall back on their main staple—i.e. rice. That means they are already down to their last option. And so, if there is a shortage of food grains or the prices rise any further, the country could face a severe crisis.

That's why the government must not show any form of complacency in ensuring the country's food security for the foreseeable future. In regards to that, it should exercise all its options, starting with securing new import opportunities, supporting local production through the cheap availability of fertilisers—whose supply has also become volatile because of global factors—and other production-related items, as well as use the futures market if necessary.