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August 12, 2020

Myanmar rice price low in export market

The prices of Myanmar rice in the export market were low in the last two months (May and June), according to the Myanmar Rice Federation (MRF).
The foreign market purchases Myanmar rice as the price is quite cheaper than other Asian countries such as Thailand and Viet Nam, said an official of Bayintnaung commodity depot. In June, the prices of white rice ranged US$395 to 440 per metric tonnes depending on quality, whereas the parboiled price was priced $455 per MT. Yet, the prices are higher than those market prices of India and Pakistan, MRF’s data showed.
The prices of rice currently move in the ranges of K39,000-54,000 per 108-pound-bag of Pawsan varieties, while low-quality rice fetched K21,500-23,500 in the domestic market. The prices of quality varieties are seen flat rate in the domestic market as well, MRF data showed.
Next, the country has the rice reserve scheme for emergency case beyond self-sufficiency in the domestic market. Myanmar’s rice export has returned to normal in May, according to the MRF. At present, local market constitutes over 70 per cent of production, whereas 20 per cent go to the foreign market. The exporters earlier sold 10 per cent of total export volume (25 % broken, well-milled and sorted rice), stated in the export declaration as country’s reserved rice. Starting from July, the rice volume for reserve will be cut to 5 per cent from 10 per cent of total rice export. The state has purchased about 34,000 tonnes of rice from over 120 companies as of 12 June and the rice has been stored at nine warehouses in Mandalay, Yangon and Nay Pyi Taw, in line with the set rules and regulations, MRF stated. 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 the external market in September, totalling rice export quota of 400,000 tonnes. MRF stated that Myanmar has shipped over 2.044 million tonnes of rice and broken rice as of 12 June since October in the current fiscal, generating US$605.907 million. The federation has been accelerating its effort to meet the rice export target of 2.4 million tonnes in the current financial year 2019-2020. —Ko Htet (Translated by Ei Myat Mon)

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