High supply of new peanuts brings down prices

With new peanuts flooding the market, the prices plunged in Mandalay’s wholesale commodity centre.
The prevailing prices stand at K6,400-K7,300 per viss in the domestic market, depending on varieties. The prices touched a high of K7,550-K11,000 per viss on the back of strong foreign and domestic demand on 18 August 2023.
Myanmar has been exporting oil seeds (sesame seeds and peanuts) to foreign countries. In April 2022, Indonesia, the world’s leading palm oil exporter and a primary oil supplier to Myanmar, imposed an export ban on cooking oil to address domestic shortages. Consequently, Myanmar’s Trade Department under the Ministry of Commerce temporarily halted the exports of oil crops (peanut and sesame) from 9 May 2022 to achieve oil self-sufficiency. Exports of Myanmar’s edible oil crops resumed when the world’s top palm oil exporters returned to normal operations, according to a notification dated 5 July 2022 from the Trade Department.
The country exported over 16,300 kilogrammes worth US$23.01 million to foreign markets through seaborne and border trade channels over the past 11 and half months of the current financial year 2023-2024 beginning 1 April. — NN/EM