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Peanut, sesame prices inflate to over K6,000

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Exports of Myanmar’s edible oil crops will resume as the world’s top palm oil exporters return to normalcy, according to a notification dated 5 July 2022 released by the Trade Department.

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The prices of peanut and sesame seeds spiked again to over K6,000 per viss (a viss equals 1.6 kilogrammes) in the domestic market, according to Mandalay’s market price data.
In early July, the peanut price moved in the range of K4,200 and K4,400 per viss depending on varieties, whereas the price jumped to K5,700-K6,300 per viss in early August. The figures reflected an increase of K1,500-K1,900 per viss within one month.
Similarly, the prices of sesame hit the highest of K115,000 per 45-viss bag of Niger seed, K165,000 per bag of brown sesame, and K208,000 per bag of white sesame and K245,000 per viss of black sesame (Samone variety) on 1 July. The price touched a high of K135,000 for Niger seed, K190,000 for brown sesame, K220,000 for white sesame and K235,000 for black sesame in early August. The price of various sesame seeds showed a significant rise of K10,000 to K25,000 per bag in early August.
After Myanmar’s export ban on oil crops was eased and Kyat depreciated against the US dollar in the local forex, the prices of peanut and sesame prices rose, according to the commodity depots. At present, newly harvested peanuts and sesame are entering the market when foreign demand dries up. The local millers are also increasingly purchasing them, according to the commodity depots.
Last April, 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 the domestic shortage. Consequently, Trade Department under the Ministry of Commerce temporarily suspended exports of oil crops (peanut and sesame) from 9 May in order to have oil self-sufficiency.
Exports of Myanmar’s edible oil crops will resume as the world’s top palm oil exporters return to normalcy, according to a notification dated 5 July 2022 released by the Trade Department. — NN/GNLM

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