August 19, 2016

Rice traders agree to halt exports until mid-September

Yangon, 3 Aug — Myanmar rice traders agreed the Myanmar Rice Federation to suspend exports until mid-September to maintain price stability and local self-sufficiency, at the urging of the peak industry body.
Following an extraordinary meeting in Yangon on Monday, industry stakeholders decided to ensure local sales at a stable price and suspend exports until 15 September, when the harvesting of monsoon paddy is set to begin, according to the Myanmar Rice Federation.
Dr Soe Tun, vice-president of the MRF, said the almost one-and-a-half-month export freeze would help ensure an adequate supply of rice for the domestic market and avoid unwanted price swings.
Some 600,000 metric tons of rice have been exported this year, added the MRF vice-president, saying Myanmar sent 1.83 million metric tons overseas last year.
In an announcement Sunday, the federation pledged to take steps to avoid high prices and rice shortages in flood-hit areas and offered to help those in need of rice supply.
According to sources, concerns over recent flooding in some parts of the country have spurred demand for rice, thereby causing price instability in the local market. GNLM


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