The prices of broken rice slightly fell tracking the decrease in rice prices, showing a two-week decline of K5,000 per sack of broken rice (108 pounds).
The price decreased to K46,000 per sack on 12 October from K51,000 recorded in late September, according to Myanmar Rice Traders Association (Wahdan Rice Wholesale Centre).
In addition to export demand for broken rice, local feedstuff processing factories and distilleries are buying them.
Myanmar exports 460,000 tonnes of rice and broken rice to foreign countries in the H1 of the current financial year 2023-2024 beginning 1 April, with an estimated value of US$208 million, as per the Myanmar Rice Federation.
Of them, broken rice accounts for over 260,000 tonnes. The federation aims to achieve a rice export target of 2.5 million tonnes worth $1 billion for the current FY.
Myanmar has been exerting concerted efforts to attain 10 per cent growth in rice exports. To raise foreign income, it has been prioritizing the exportation of high-grade rice and boosting export volume, MRF stated. — NN/EM
