Peanut price regains to K7,200 per viss in domestic market

The price of peanuts rebound­ed to K7,200 per viss (a viss equals 1.6 kilogrammes), ac­cording to the Mandalay Whole­sale Commodity Centre.


During the last week of November 2022, the peanut market was stagnant due to a lack of demand by oil millers and foreign buyers. The pea­nut prices fell to K4,700-5,750 per viss then. The prevailing prices move up to K5,950 -7,200 per viss.


Strong demand in both do­mestic and external markets pushed up the price.


Peanut from various re­gions is entering Mandalay commodity depots at present. Both Chinese traders and local oil millers are purchasing them in the competitive market.


Myanmar has been ship­ping oil seeds (sesame seeds and peanuts) to foreign coun­tries.


 Last 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 17,000 kilogrammes worth US$19.998 million to foreign markets through the border trade channels as of 27 January in the current financial year 2022-2023 since April 2022. — NN/EM