Kolkata, Aug. 15 -- India's rice prices have surged by up to 14% in just two days as traders rush shipments to Bangladesh following its move to allow duty-free imports of 500,000 tonnes.

The sudden spike, reported by ET, comes after Dhaka officially removed its 20% import duty on Wednesday to stabilise domestic prices amid high inflation, triggering an immediate export wave.

Traders from West Bengal, Uttar Pradesh, and southern India had anticipated the decision, stocking up near the Petrapole-Benapole border in advance, the report said.

Suraj Agarwal, CEO of RiceVilla, said the announcement by Bangladesh's National Revenue Board came on Wednesday afternoon, with trucks from India rolling out that very night.

"Logistically and cost-wi...