Rice market dynamics and price trends ahead of Thingyan Festival in Yangon

With the Thingyan holidays approaching, the price of new summer non-premium rice is declining in the Yangon market, although monsoon rice (both non-premium and premium) prices remain high, as per the market reports. However, a rice trader from the Padauk Street of Bayintnaung wholesale market, Ko Kyaw, informed the Global New Light of Myanmar (GNLM) that the domestic rice market is stagnant with low turnover.
In the week leading up to the long Thingyan holiday, the transportation of rice to Yangon from other towns and cities is decreasing. Furthermore, the distribution of rice from Yangon to other areas is also lower compared to the previous year.
In the first week of April 2024, the price of new summer non-premium rice was K76,000 per bag, which declined from K80,000 per bag at the end of March. Currently, non-premium monsoon rice was priced at K86,000 per bag, newly-harvested monsoon non-premium rice (90-day variety) at K93,000, and old 90-day monsoon non-premium rice at K110,000 per bag. New Pawkywe rice was priced at K100,000 per bag, Ayeyawady Pawsan ranged between K123,000 and K141,000, and Shwebo Pawsan between K150,000 and K160,000 respectively.
The rice wholesale markets will be closed for a week starting from 10 April, as stated in the report. Additionally, rice transportation to Yangon from other towns and cities would also be suspended during the days leading up to the Thingyan Festival.
According to previous rice price statistics, in the first week of April 2023, new summer non-premium rice was priced at K53,000 per bag, 90-day rice at K60,000, and Ngasein rice at K54,000. Pawkywe rice was K65,000, Ayeyawady Pawsan was between K75,000 and K80,000, and Shwebo Pawsan K97,000 per bag.
Before the 2024 Thingyan Festival in the Yangon rice market, the price of non-premium summer rice was K20,000 higher per bag compared to the same period the previous year. Ayeyawady Pawsan and Shwebo Pawsan were K50,000 higher per bag, while Pawkywe rice K30,000 higher than last year. In 2023, the price of sticky rice before Thingyan was K90,000 per bag. This year, sticky rice prices was ranged from K85,000 to K93,000 per bag.
Rice traders forecast that demand for both non-premium rice and Pawsan rice would be high after Thingyan, leading to an expected increase in prices. — TWA/TMTg