Myanmar rice export registers $642 mln this FY

Farmers sskm
Farmers are seen growing rice this monsoon season.

Myanmar generated US$642.2 million income from exports of rice and broken rice in the past ten months (October-July) of the current financial year 2020-2021, according to Myanmar Customs Department.
The volume of rice and broken rice exported in the past eight months was estimated at over 1.2 million metric tons.
Border trade disruption led to a sluggish market yet the flat price occurs in the border export market.
The prices of white rice varieties range US$375 to 405 per metric ton, the price of glutinous rice price was priced $600-610 per MT and the broken rice fetched $300-335 per MT depending on the different varieties and quality, according to the Myanmar Rice Federation (MRF).
This year, rice shipment to European countries is declining. However, Myanmar is delivering rice and broken rice to China and Bangladesh. The market cools down for now owing to the transport difficulties amid the closure of the border posts.
The prices of staple rice have stayed in the upward trend since May. Additionally, the restriction measures to contain the spread of COVID-19 and natural disasters affected the prices. The price is expected to remain bullish in the coming months, as per MRF.
High-quality rice is demanded in the domestic market and the price moves in the range of K36,000-68,000 per bag depending on different varieties. The low-quality rice is priced between K23,000 and K28,800 per bag at present. The price indicated a gradual increase.
The federation conducted the virtual meeting with the committee members in the regions and states, exporters and the companies concerned regarding the rice production and price stability on 14 August 2021. They discussed matters related to the possible production drop in the 2021-2022 monsoon season amid the COVID-19 impacts and high input cost and plans for rice donations to those people in need and selling rice at an affordable price near the industrial zones.
Consequently, MRF, Myanmar Rice and Paddy Traders Association, rice wholesale centre (Wahdan), traders and brokers sell the rice at a fairer price in Yangon Region starting from 14 September 2021.
Ayeyawady Pawsan, Shwebo Pawsan, Pawkywel, short matured rice varieties (90 days) and sticky rice will be sold at a cheaper price between 23,500 and K54,000 per bag.
Myanmar set the rice export target at only 2 million tonnes in the current FY as summer paddy growing acreage drops. Weather changes affected irrigation water resource availability in agriculture, as per MRF.
Myanmar generated over $800 million from rice exports in the previous FY2019-2020 ended 30 September, with an estimated volume of over 2.5 million tonnes. — KK/GNLM

Share this post
Hot News
Hot News