Peanut, sesame prices inflate to over K6,000

August 3,2022

THE prices of peanut and ses­ame seeds spiked again to over K6,000 per viss (a viss equals 1.6 kilogrammes) in the domestic market, according to Mandalay’s market price data.


In early July, the peanut price moved in the range of K4,200 and K4,400 per viss depending on va­rieties, whereas the price jumped to K5,700-K6,300 per viss in ear­ly August. The figures reflected an increase of K1,500-K1,900 per viss within one month.


Similarly, the prices of ses­ame hit the highest of K115,000 per 45-viss bag of Niger seed, K165,000 per bag of brown sesa­me, and K208,000 per bag of white sesame and K245,000 per viss of black sesame (Samone variety) on 1 July. The price touched a high of K135,000 for Niger seed, K190,000 for brown sesame, K220,000 for white sesame and K235,000 for black sesame in ear­ly August. The price of various sesame seeds showed a signif­icant rise of K10,000 to K25,000 per bag in early August.


After Myanmar’s export ban on oil crops was eased and Kyat depreciated against the US dollar in the local forex, the prices of peanut and sesame prices rose, according to the commodity depots. At present, newly harvested peanuts and sesame are entering the mar­ket when foreign demand dries up. The local millers are also increasingly purchasing them, according to the commodity depots.


Last April, 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, Trade Department under the Ministry of Com­merce temporarily suspended exports of oil crops (peanut and sesame) from 9 May in or­der to have oil self-sufficiency.


Exports of Myanmar’s edible oil crops will resume as the world’s top palm oil exporters return to normal­cy, according to a notification dated 5 July 2022 released by the Trade Department. — NN/ GNLM