Export rice price remains unchanged in August: MRF

THE prices of rice in the export market remained unchanged in August for the two consecutive months, as per data of Myanmar Rice Federation (MRF).

In August, the prices of white rice (low quality) and parboiled rice range US$385 to 455 per metric tonne depending on quality.

The foreign market purchases our rice as the price is relatively lower than other Asian countries such as Thailand and Viet Nam, MRF data showed.

Yet, the prices are higher than those market prices of India and Pakistan, MRF’s data showed. The rice export is not that high due to transportation difficulties in the rainy season. The domestic wholesale market sees a slight rise for high-quality rice varieties as the traders make bulk-buying amid the COVID-19 concerns, said traders from Bayintnaung market.

The prices of rice last month for Pawsan varieties moved in the ranges of K37,000-51,000 per 108-pound-bag in the domestic market, showing a slight increase of K500-1,500. Meanwhile, low-quality rice fetched K22,500- 25,500, showing a rise of K1,000- 2,500 per bag as against the prices in July, MRF data showed.

The volume of rice and broken rice exported between 1 October and 14 August in the 2019-2020 FY has been estimated at over 2.39 million metric tonnes, worth over $726 million, according to an announcement from the MRF.

It is likely to reach the rice export target of 2.4 million tonnes in the current financial year 2019- 2020. According to the coordination meeting held on 26 June 2020, 100,000 tonnes of rice will be sent to the external market in September.

There is self-sufficiency in the domestic market, and people do not need to concern over the shortage of rice, MRF stated.

ASEAN countries constitute 18 per cent of Myanmar’s total rice exports. The European Union countries account for 20 per cent of rice exports, while 29 per cent of total rice exports in Myanmar goes to African countries, followed by China with 28 per cent.

Myanmar shipped 3.6 million tonnes of rice in the 2017-2018 fiscal year, which was an all-time record in rice exports. The export volume plunged to 2.29 million tonnes, worth $691 million, in the 2018-2019FY.

 Ko Htet (Translated by Ei Myat Mon)