There are low arrivals of rice and broken rice at Bayintnaung rice brokerage center in Yangon with a daily arrival of around 50,000 bags of rice and broken rice, said U Than Oo, Secretary of Bayintnaung rice brokerage center.
Bayintnaung rice brokerage center receives inflows of rice and broken rice mainly from Ayeyawady, Bago and Yangon Regions.
The price of rice ranges between Ks 19,000 and Ks 22,000 per bag while the price of broken rice is between Ks14,500 and Ks17,000 per bag.
According to the Farmers Interest Promotion Law, region and state governments will manage paddy buying. The relevant region and state governments are to submit their paddy purchase plans to the Union government.
Plans are under way to buy paddy in Bago, Ayeyawady and Yangon Regions with the use of government funds. Ks eight billion is earmarked for Bago Region and Ks five billion, for Ayeyawady Region, said U Aung Htoo, Deputy Minister for Commerce in early November last year.
A total of Ks 15 billion is budgeted for the purchase of paddy in order to purchase paddy if the paddy price is below the basic price.
Till 17 January of 2019-2020 fiscal year, Myanmar earned 300.366 million US dollars from exports of 1.047 million tons of rice and broken rice, according to the Myanmar Rice Federation.
During this period, Myanmar exported more than seven million tons of rice worth nearly 220 million US dollars, to 56 countries and more than 30,000 tons of broken rice worth over 80 million US dollars, to 45 countries.
