Sluggish foreign demand drives corn prices down

As the demand faltered in the corn market, the corn price moved down to around K1,000 per viss in late March after it hit K1,200 per viss in early January 2024.
Myanmar exports corn to China and Thailand through the border and ships to China, India, Viet Nam, and the Philippines through maritime channels, according to the Myanmar Corn Industrial Association.
Thailand, the leading importer of Myanmar’s corn, grants corn imports under zero tariff (with Form-D) between 1 February and 31 August. However, Thailand imposes a maximum tax rate of 73 per cent on corn imports to protect the rights of their growers if the corn is imported during the corn season of Thailand.
Additionally, China has been purchasing Myanmar’s corn through cross-border trade under the opium substitution programme.
Legitimate corn trade between Myanmar and China commenced at the end of 2022. A total of 112 Myanmar companies have been permitted to export corn.
Myanmar shipped 934,883 tonnes of corn worldwide as of 29 December in the current financial year 2023-2024 beginning 1 April, bagging US$279.042 million, the Ministry of Commerce’s statistics indicated.
Myanmar exported over two million tonnes of corn to foreign trade partners in the 2022 corn season. The majority of them were sent to Thailand, and the remaining went to China, India, the Philippines and Viet Nam.
The corn is cultivated in Shan, Kachin, Kayah, and Kayin states as well as Mandalay, Sagaing, and Magway regions. Myanmar has three corn seasons: winter, summer, and monsoon. Myanmar’s annual corn output is estimated at from 2.5 to 3 million tonnes. — NN/EM

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