Myanmar areca nuts exports to India plummet

LOCAL NEWS

Myanmar’s areca nuts export to India plummeted, traders stressed.
The sales of the areca nuts from Mon State are high every year. They are also sent to Yangon, Bago and Mandalay regions. After that, they are delivered to India via those cities.
However, the border trade between Myanmar and India triggered by the political changes and the COVID impacts hindered, and the export of areca nuts drastically dropped.
This year, despite the high yield, the demand is relatively low. About 400-500 bags of areca nuts were earlier conveyed to India. The export volume plunges to 300 bags, for now, traders said.
Additionally, the hike in fuel oil prices added extra cost to freight forwarding service. The transportation rate has increased from K3,600 to K4,500 per bag.
The prevailing prices of areca nuts are K4,300-4,900 per viss (a viss equals 1.6 kilogrammes), whereas the areca nuts were priced up to K5,000-6,000 per viss in the same corresponding period last year.
The high inflow of Thailand’s areca nuts is another reason for the price decrease. As supply exceeded the demand, the price fell, traders considered.
The growers face a series of challenges such as virus-negative impacts, political instability, security concerns, transport difficulty, banking restrictions and money withdrawal limits, and high fuel oil prices.
However, the prices are likely to remain at the current high in May due to the high yield. Even if the price goes down, it will slightly decline, traders shared their opinions. — NN/GNLM

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