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Peanut prices moving onwards on foreign and domestic demand

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A consumer is pictured selecting the cooking oil at one retail outlet.

Magway commodity centres see an upward spiral in peanut prices following the hike in edible oil prices.
Moreover, the Chinese traders and domestic millers are making a competitive offer these days while the supply of peanuts is pretty low.
The prices of peanuts are around K4,300-4,400 per viss (a viss equals 1.6 kilogrammes) on 15 June 2022.
At present, consumers’ behaviour has changed and turned to peanut oil due to the health benefits and the increase in imported oil prices.
Magway Region, which has gained a reputation as the oil pot of Myanmar, is the main producer of beans and pulses including oil crops.
Myanmar’s peanuts are mostly exported to China. Between 1 April and 3 June of the 2022-2023 Financial Year, over US$5 million worth of approximately 5,600 tonnes of peanuts were shipped to external markets, according to Myanmar Customs Department’s statistics. — KK/GNLM

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