September 23, 2017

Rice prices on the rise

A farmer seen working on a rice field near Thilawa economic zone outside Yangon. Photo: Reuters
A farmer seen working on a rice field near Thilawa economic zone outside Yangon. Photo: Reuters

THE price of rice locally has bounced back after a month’s slump because of the decreased demand from China, according to insider rice experts.
Rice dealers had, up until recently, not been able to export large quantities of rice to China because of strict rules and regulations monitoring the market at Chinese-Myanmar trade checkpoints starting from last mont. An enormous quantity of rice was stranded at Muse market. As a result, the local price of rice began to decline.
“The price has risen a bit because of the increased demand from China after the Myanmar New Year Holidays”. The price of both low quality and high quality rice has risen by K1,000. The price of low quality rice has risen from K18,500 to K19,500 per bag while the price of high quality rice from K42,000 to K43,000 per bag, according to market insiders.
Export dealers did not fare well, it was reported, with the price of local rice as it was, the problem being exasperated by Myanmar currency appreciation.
The export price of Myanmar rice has declined little by little at the World Rice Market because of the high cost of local production, the low quality of rice compared to that of other countries and the high prevailing price.
The Muse rice export market to China was opened on 21 April and over 20,000 bags are exported to China daily.
The price ranges from Y145 to Y153 (Chinese Yuan) per bag depending on the rice variety at the Muse Border area. The price is dependent on demand from China.—ML/Union Daily

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