CNI News

7 February 2024

Domestic rice prices have gradually risen during the past few days. The price of one pyi (2.55718 L) of rice is rising from 4 to 600 kyats, according to the rice market.

The rice prices have risen because the rice exporters are buying rice at high prices, an official from the Myanmar Rice & Paddy Traders Association, told CNI News.

" Exporters need rice to export. There's a regular consumption within the country. When the prices are so high, those who have stored rice for long will sell it. At present, the rice from warehouses has come out a little. The the rice prices went up has made the export earnings increase. Because the exporters make a profit, they raise the prices and buy rice. It depends on the government's policy as well. Domestic consumption is regular. The export policy may change. The rice prices are low or high depending on the financial change." he said.

Although the price of Pawsanhmway, a kind of fine rice, was 120,000 kyats per bag (24 pyis) in the past, but now its price has been 125,000 kyats. The price of Aemahta, a kind of low quality, has risen from 80,000 to 84,000 kyats per bag within this month.

For the time being, there has been an increase in buying rice paddy and its price has risen to 80,000 kyats for 100 bags. So, domestic rice prices also have gone up, said farmers. 

While seeing a rice shop

However, when the summer rice appears abundantly, the rice prices would be stable again, U Thein Aung, chairman of the Farmers Development Association, told CNI News.

" The price of 100 baskets of rice paddy has risen from 50,000 until 80,000 kyats. So, the price of one pyi of rice also will go up a bit. The prices of rice will go up a little at a time like this. And the summer rice paddy hasn't appeared. The rice prices will rise depending on the current price of rice paddy and exchange rate. But the prices won't go up exponentially, I think." he said.

Rice is sufficient for the domestic consumption because farmers in Ayeyarwady Region have expanded their cultivation of rain, winter and summer rice paddy with higher prices, reportedly.

However, the yield of rice paddy has been low in Sagaing Region, Rakhine State and Mon State because some townships of these regions are not stable. 

So, the exporting amount of rice has been reduced this year, according to the Myanmar Rice and Paddy Traders Association.