China makes high offer for Myanmar quality peanut

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The prices of Myanmar’s quality peanuts exported to China touched a high of K3,800 per viss (a viss equals 1.6 kilogrammes) due to the domestic market’s lack of supply and a hike in imported edible oil prices.
According to the Mandalay wholesale market, the price of peanuts remains on the upward trend following the strong domestic and foreign demand.
Tracking the price hike of imported palm oil and Kyat depreciation against the US dollar, the price of peanut oil rises tremendously to over K8,500 per viss and sesame oil fetches K8,000 per viss in the domestic market.
The consumer’s behaviour has changed and turned to peanut oil due to the health benefits amid increased imported edible oil prices.
Myanmar’s peanuts are mostly exported to China. Between 1 October 2021 and 31 March 2022 of the past mini-budget period, approximately $50 million worth of over 54,467 tonnes of peanuts were shipped to the external market, Customs Department’s statistics showed.
Myanmar has exported US$190.7 million worth more than 160,776 tonnes of peanuts to the foreign trade partners last financial year 2020-2021, according to the Ministry of Commerce.
The domestic consumption of edible oil is estimated at 1 million tonnes per year. The local cooking oil production is just about 400,000 tonnes. Myanmar imports about 700,000 tonnes of cooking oil annually to meet the self-sufficiency in the domestic market. The Agriculture Department also extends the sown acreage of edible oil crops such as sesame, sunflower, soybean and peanuts. — KK/GNLM

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