Growing demand, low inventory elevate rice prices

The growing demand and low inventory in the domestic market drove the prices of rice and paddy up, according to the rice market.
At present, a competitive demand in the domestic and foreign markets pushed up the rice prices across the regions and states including Yangon. Moreover, the rice millers and traders are also purchasing the paddy at a high price while the inventory is low.
The statistics released by the Aya Trade Centre indicated that the prices of Pawsan paddy varieties move in the range of K1.15 million and K1.23 million per 100 baskets in each township at present. This being so, the price reflected an increase of K20,000-30,000 per 100 baskets in early June.
The prices of monsoon paddy (Emahta variety) reach K810,000 to over K890,000 per 100 baskets. The price is up by K65,000 per 100 baskets compared to the prices recorded in early June.
Similarly, summer paddy (Emahta variety) fetches K750,000 to over K850,000 per 100 baskets. The price is K55,000-60,000 per 100 baskets higher than the prices recorded in early June.
Moreover, the prices of rice also rose by K1,000-2,500 per 108-pound bag.
The price rally of paddy is expected to continue on the back of strong demand in the domestic and export markets, said an official of Bayintnaung Rice Depot.
The prices of broken rice are relatively high and hit around K29,000-30,000 per bag.
The rising demand and a shortage of supply might result in an upward trend in the price, market observers analyzed.
Myanmar’s broken rice is primarily shipped to China, Belgium, the Philippines, Spain, Cameroon, Ivory Coast, Poland and the Netherlands. Over one million tonnes of rice and broken rice were delivered to external markets in the first five months of 2022, with over 630,000 tonnes of rice and 380,000 tonnes of broken rice, according to the Myanmar Rice Federation. — NN/GNLM