Financial Tribune - Some 76,500 tons of rice worth $52.9 million were imported by the Government Trading Corporation of Iran during the 11 months to February 18, indicating a 23.3% and 24.4% decline in tonnage and value respectively compared with the corresponding period of the previous year.

GTC is a government-owned company specializing in the purchase, import and distribution of essential foodstuff. It is the lever for enforcing market controls.

The company is also in charge of maintaining a supply of wheat, rice, cooking oil and meat as the country’s strategic reserve of essential goods, IRNA reported.

According to Jamil Alizadeh Shayeq, the head of Iran Rice Council, about 2.25 million tons of rice were produced in Iran in the last Iranian year (March 2016-17) and this year’s output is expected to hit the same level.

Iranians consume about 3.2 million tons of rice a year.