Published on Friday, 28 December 2012 11:08
Rice prices in Myanmar drop due to shrinking export to Bangladesh, according to sources of paddy traders.
Both illegal and legal trades between Myanmar and Bangladesh have been suspended since the communal violence in Rakhine State in June.
Although some of the regular legal goods can export to Bangladesh since the end of October, the illegal trade is still banned and local rice prices are down due to the banning of illegal trade, according to sources.
The prices of exported rice are US$350 per metric ton. The reason why exporters prefer illegal trade instead of legal trade is that the exported prices are not much different from local prices, according to sources.
Although the neighbouring Bangladesh intends to buy rice from Myanmar, their offer price is much lower than expected. Moreover, rice in Rakhine State has only one growing season and the output of paddy is declining.
Currently the earliest paddy is already harvested and the price of paddy is about 100,000 kyats (about US$117) for a hundred basket [Myanmar system for measuring rice and grain, equivalent to 66 sacks], the famers from Kalartan paddy plantation region said.
Business Latest News
- Myanmar approves five foreign businesses
- Myanmar's clothing industry promises growth
- Myanmar businesses accuse construction firms of tax evasion
- Over 140 joint ventures in Myanmar's growing oil and gas sector
- Hin Leong Group to expand business in Myanmar
- SingTel and partners to create job opportunities
- China's Huawei to work with Myanmar state-owned telecom
- KIA Motors to open new showrooms in Myanmar
- UK Trade Minister stresses 4 hindrances for investments in Myanmar
- Coca-Cola to expand Myanmar factory in 2013