CNI News
15 June 2023
In order to export more rice and broken rice to the Philippines, Myanmar Rice Federation (MRF) and eight Philippine companies buying agricultural products including Myanmar rice met and MRF and International Trade Corporation under Philippine ministry of trade and industry signed an MoU, according to MRF.
a rice shop
Due to the fact that the current price of rice in Myanmar is higher than international rice price,it is currently not convenient to export Myanmar rice to the Philippines.Myanmar rice can be exported to the Philippines only when it can be sold in comparison with international rice price, said an official of MRF to CNI.
" We signed an MoU with Philippine International Trade Corporation (PITC). We've got a new market. If we can sell, we'll export. We also discussed with the importers in the Philippines. We can't export at the current price. Our rice prices are higher than those in Vietnam and Thailand, so they can't buy as well. We can export our rice to the Philippines only when we can sell in comparison with international price price” he said.
Myanmar was able to export 110,000 tons of rice and broken rice through border and maritime in April and May during current fiscal year 2023-2024.
In order to be able to export more rice and broken rice, Myanmar delegation containing chairperson of MRF, businesspeople and traders went to the Philippines and trade issues were discussed with Philippine officials from 6th to 9th June.
While the prices of inputs are going up, MRF was able to sign an MoU to export more rice and broken rice and got a new market, which was hailed by U Thein Aung, chairman of the Farmers Development Association.
a rice warehouse
"Because an MoU was signed and they will surely buy the rice from here. Demand has increased. While the prices of inputs are going up, on the other hand, if the market is opened, it is more convenient for manifacturers. We must hail it.' he said to CNI.
Because rice prices are going up in Myanmar at present, rice exporters do not make a profit from exporting rice and broken rice. So, most of traders have stopped exporting rice and broken rice and they are exporting for existing orders only, said Myanmar rice traders.
Myanmar is exporting its rice and broken rice to 25 countries including China, Malaysia, Spain,Belgium, France, Netherland, and Bulgaria through marinetime and border routes.
