Ministry of Commerce’s efforts are to stabilize domestic rice prices and avert escalation
The Ministry of Commerce stated that they have started to use the export licence system, which will be applied only after the rice and rice products to be exported are pre-screened and 100 per cent ready, even though the rice export licence will not be suspended.
The Ministry is working to stabilize domestic rice prices and prevent further price increases. The Ministry also responded to the Myanmar Rice Federation’s submission for a three-month suspension of rice and rice products exports, saying that no suspension will occur. Despite that, they started exercising the export licensing system on 1 September, which will be granted only when 100 per cent of the rice and rice products to be exported are pre-verified and ready.
In addition, the implementation of the system of warehouse registration has already started to stabilize the price of domestic rice, ensure that the price does not rise again, and control the actions of the hoarders to manipulate the market.
As of 21 August 2023, there were 3.449 million tonnes of rice left in the country, and if the 2.371 million tonnes needed for domestic consumption in the three months until November were subtracted, there would be 1.077 million tonnes of rice left. As there is a condition to export rice regularly, there is no need to suspend the export of rice.
A total of 0.928 million tonnes of rice have been exported from October 2022 to 18 August 2023. — ASH/CT