The price of peanuts went up on the strong foreign and domestic demand, according to the Mandalay Commodity Centre.
On 1 April 2023, the prices stood at K6,300-7,000 per viss. The prices rose to K6,300 -7,500 per viss on 25 April, showing a small increase of K200-500 per viss. The peanut supply to the Mandalay market is seen regularly. At present, both Chinese traders and oil millers are purchasing them.
In the last week of last November, the prices plunged to K4,700-5,750 per viss amid the falling demand by oil millers and lack of foreign demand.
Myanmar has been shipping oil seeds (sesame seeds and peanuts) to foreign countries. In April 2022, the world’s top palm oil exporter Indonesia, which is one of the main oil suppliers to Myanmar, declared an export ban on cooking oil export to reduce the domestic shortage. Consequently, Myanmar’s Trade Department under the Ministry of Commerce temporarily suspended exports of oil crops (peanut and sesame) from 9 May to have oil self-sufficiency.
Exports of Myanmar’s edible oil crops resumed as the world’s top palm oil exporters returned to normalcy, according to a notification dated 5 July 2022 released by the Trade Department. The country has shipped more than 32,000 kilogrammes peanut and sesame worth US$40.16 million to foreign markets through the border trade channels so far in the financial year 2022-2023 (April-March). — NN/EM