Corn seeds price still inching upward

20190207 sskm

The price of corn seeds has sustained its upward momentum and is now around K800 per viss, according to the domestic market.
The corn price has sharply risen due to rising of foreign exchange currency and the devaluation of the Myanmar kyat, according to the corn traders.
At present, the exchange rate of a US dollar hit around K2,000 in the local foreign market. The FOB price of corn stood at approximately US$260 per tonne.
Currently, Myanmar corns are exported to Thailand and China through land borders. It has also conveyed Myanmar corns to the Philippines, India, Viet Nam, Laos and Singapore through the sea route. The corn price is climbing this year compared to last year, according to Myanmar Corn Industrial Association.
In the financial year 2020-21, Myanmar exported about 2.3 million tonnes of corn to the international market, according to the association. Of 2.3 million tonnes, the majority of corn was delivered to Thailand, whereas the remaining corn was conveyed to China, India and Viet Nam.
Thailand has granted tax exemption on corn imports between February and August. However, Thailand imposed a maximum tax rate of 73 per cent on corn import to protect the rights of their growers if the corn is imported during the corn season of Thailand.
Therefore, Myanmar will resume its corn export process to Thailand next February, according to corn traders.
During the FY2019-2020, the country exported 2.2 million tonnes of corns to the external market, with an estimated value of over $360 million, the Ministry of Commerce’s data showed.
At present, corn is cultivated in Shan, Kachin, Kayah and Kayin states and Mandalay, Sagaing and Magway regions. Myanmar has three corn seasons.
The country yearly produces 2.5-3 million tonnes of corn. — NN/GNLM

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