The price drop of peanuts persisted in the absence of foreign demand, according to the Mandalay wholesale market.
The prevailing prices move in the range between K5,500 and K6,100 per viss in the domestic market depending on varieties.
The prices hit a high of K7,550-11,000 per viss on the back of strong foreign and domestic demand on 18 August 2023.
At present, newly harvested peanuts near the Mandalay area entered the Mandalay Wholesale Centre. The demand by the main buyer China is pretty slow-moving.
Despite the price fall in peanuts, the peanut oil price did not decline accordingly and it stayed strong at above K15,000 per viss.
Myanmar has been exporting oil seeds (sesame seeds and peanuts) to foreign countries. In April 2022, the world’s top palm oil exporter Indonesia, which is one of the main oil suppliers to Myanmar, declared an export ban on cooking oil export to reduce domestic shortage. Consequently, Myanmar’s Trade Department under the Ministry of Commerce temporarily suspended exports of oil crops (peanut and sesame) from 9 May 2022 to have oil self-sufficiency.
Exports of Myanmar’s edible oil crops resumed as the world’s top palm oil exporters returned to normalcy, according to a notification dated 5 July 2022 released by the Trade Department.
The country exported over 10,000 kilogrammes worth US$15.813 million to foreign markets through seaborne and border trade channels over the first six months of the current financial year 2023-2024 beginning 1 April. — NN/EM
