Rice export prices drop for two consecutive months

Workers loading the truck with sacks of rice at Botahtaung Jetty in Yangon. PHOTO: Phoe Khwar
Workers loading the truck with sacks of rice at Botahtaung Jetty in Yangon. PHOTO: Phoe Khwar

The prices of rice in export market significantly plummeted in July against the previous two months, as per data of Myanmar Rice Federation (MRF).
The prices have remained flat for two months (May and June) and sharply fell in July. The foreign market purchases our rice as the price is quite cheaper than other Asian countries such as Thailand and Viet Nam, said an official of Bayintnaung commodity depot. Yet, the prices are higher than those market prices of India and Pakistan, MRF’s data showed.
In June, the prices of white rice varieties ranged US$395 to 440 per metric tonne depending on quality. The prices plunged to $375-420 per metric tonne in July. The prices of rice last month move in the ranges of K36,000-51,000 per 108-pound-bag of Pawsan varieties, with a drop of K3,000 per bag compared to the previous two months. Meanwhile, low quality rice fetched 20,500-22,500 in domestic market, showing a decrease of K1,000 per bag as against the prices in May and June, MRF data showed. It is difficult to ship rice in rainy season. In July, rice prices significantly plunged as against June, said traders from Bayintnaung market. The volume of rice and broken rice exported between 1 October and 17 July in the 2019-2020 fiscal year has been estimated at over 2.25 million metric tonnes, worth over $678.29 million, according to an announcement from the MRF. The federation has been accelerating it’s effort to meet rice export target of 2.4 million tonnes in the current financial year 2019-2020.
According to the coordination meeting held on 26 June 2020, 150,000 tonnes of rice will be exported each in July and August. And, 100,000 tonnes of rice will be sent to external market in September, totalling rice export quota of 400,000 tonnes.
ASEAN countries constitute 17 per cent of Myanmar’s total rice exports. The European Union countries account for over 20.45 per cent of rice exports, while 30.2 per cent of total rice exports in Myanmar goes to African countries. Myanmar shipped 3.6 million tonnes of rice in the 2017-2018 fiscal year, which was an all-time record in rice exports. The export volume plunged to 2.29 million tonnes, worth $691 million, in the 2018-2019FY. —Ko Htet (Translated by Ei Myat Mon)

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