Myanmar brings in over 50,000 tonnes of palm oil in Jan

Approximately 53,000 tonnes of palm oil were imported in January 2024.
The average prices for palm oil worldwide stood at US$830 per tonne on 5 January, $885 on 24 January, $860 on 31 January and $852.5 per tonne on 2 February.
The wholesale reference rate of palm oil for the Yangon market was K4,955 per viss on 1 January and K5,380 on 29 January, whereas the retail price was around K5,800 per viss.
The wholesale reference price has remained unchanged at K4,955 per viss for three weeks from 25 December to 14 January 2023. The week ending 4 February 2023’s reference rate was higher at K5,380 per viss.
There is only a small price gap between the palm oil market price and the wholesale reference price as the demand for palm oil falters in winter. Meanwhile, the peanut oil price hit K13,000 per viss, and the sesame oil fetched K12,000 per viss.
The annual edible oil consumption is estimated at 1 million tonnes. Around 800,000 tonnes of palm oil have been imported per year since 2020. The palm oil price surged to around K9,000 per viss in August 2022 and 2023. The market sees only a tiny price difference at present.
A consumer emphasized that a high inflow of palm oil can reduce the price in the domestic market depending on the distribution system. — TWA/KK