Myanmar Rice Prices Rising In Domestic Market

1. Myanmar Rice Prices Rising In Domestic Market Myanmar Rice Prices Rising In Domestic Market Rice prices in Myanmar are continuing to rise in the aftermath of Cyclone Mocha, as people stockpile supplies, and rice exports are still permitted. Rice Pricing In Myanmar Rice Pricing In Myanmar Rice prices remain high, with Shwebo Pawsan costing 120,000 Kyat per bag (50 Kg), other high-quality rice costing 100,000 Kyat per bag, and low-quality rice costing 85,000 Kyat per bag. According to rice merchants, these prices are 30% higher than at the start of May. According to the Myanmar Rice Federation (MRF), current rice prices have risen by 30% to 90% compared to last year's prices, depending on the variety. According to some rice vendors, the market's price for rice was out of control and spiraling because some vendors were stockpiling hundreds of thousands of rice bags and selling them for higher prices. Rice Supply Rice Supply Furthermore, due to frequent power outages, some rice mills reduced their milling capacity, resulting in a reduction in market rice supply, according to rice millers.

2. In the fiscal year 2022-23, the Military Council exported 2.26 mmt of rice and earned $856 million from rice exports. This fiscal year, the Military Council intends to export 2.5 mmt of rice, and it anticipates earning $1 billion in export revenue. Due to the junta's military operations, which resulted in the destruction of numerous paddy fields and rice cultivation, rice acreage and cultivation drastically decreased this year. Despite a sharp decline in rice acreage and production, some rice traders claimed that the price of the grain was skyrocketing on the domestic market because the junta planned to export more of it. MRF Initiatives MRF Initiatives A rice storage and warehouse registration system will be put into place within a few months, according to the MRF, to prevent market speculation and hoarding. This system, which will be implemented by MRF, requires that rice mills, merchants, and retailers register with MRF if they keep more than 50 tonnes of rice or more than 5,000 baskets (46 lbs) of paddy in their warehouses. This type of "National Storage Capacity" system is used by neighboring nations, including Thailand, to accurately record rice storage data. If you are a rice importer wishing to Buy Rice In Bulk or a rice exporter willing to export bulk rice, then Tradologie.com is the right platform for you. Tradologie is a global digital trade hub that facilitates bulk agro-commodities trade in a transparent manner. Through Tradologie’s AI based platform, buyers and sellers can connect directly with each other in real-time, negotiate prices to get the best deals, without the involvement of any middlemen. Hence, ensuring best rates for both buyers and sellers on the platform, with an overall major reduction in the cost of trade by close to 10%. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.