Export rice price spikes

LOCAL NEWS

Myanmar rice’s export price is mounting, said U Than Oo, the secretary of the Bayintnaung Rice Wholesale Depot.
Currently, the trading of export rice price is K25,000 per bag (containing 108 pounds) for 25 markets, K25,800 per bag for Manawthuka (80 marks), K27,500 per bag for Ah Twe (90 marks) from Mandalay Madaya and K27,500 per bag for summer rice (95) which is recently produced.
“The current rice’s export price reached an all-time high. These prices are very high in the export raw market,” said U Than Oo.
Besides, whether the price of rice export will continuously rise or not is depending on the foreign currency and international trading. Currently, the dollar exchange rate stood at around K1,980 in the foreign exchange market, he added.
At present, there is a less stockpile of monsoon paddy in the rice market and the newly harvested summer paddy will enter the market pretty soon.
“Our monsoon paddy is yielded in October. Now, the yield of the monsoon paddy is almost less stockpiled in the regions. There are only a few exports raw paddy to mill except for the rice stored for the domestic consumption,” said U Than Oo.
About 30,0000 or 40,000 bags of rice and low-quality rice flowed daily into the Bayintnaung Rice Wholesale Depot, one of the main export markets through the maritime route.
From 1 October to 31 January in this financial year, the country exported over 1 million tonnes of rice and low-quality rice, according to the Myanmar Rice Federation.
Of these exports, the country exported over 723,653.997 tonnes of rice and 348,194.21 tonnes of low-quality rice, totalling 1,071,848.21 tonnes of rice to the international market.
Myanmar exported over one million tonnes of rice and low-quality rice via the maritime route and over 60,000 tonnes via the border route.
In the 2020-21FY, the country generated over $700 million from rice and low-quality rice export with an estimated volume of about two million tonnes. — NN/GNLM

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