CNI News
27 December 2024
Because of India's change of rice policy, despite the decline in world rice prices, it has not impacted on the Myanmar rice market, according to Myanmar rice traders.
Although India banned broken rice export in 2022 and a 20% tax was imposed on white rice exports, at present India has allowed rice exports.
Although India sold white rice at 490 dollars per ton in the past, it is currently selling white rice at 430 dollars per ton.
As Myanmar has sold a lakh tons of rice to Bangladesh with the G to G system, at present, because of the India's rice policy, it has not yet affected the Myanmar rice market, an official from the Myanmar Rice Traders Association told CNI News.
" I heard that India will reduce the price of rice when they sell it. The prices of export rice will fall in the world market. So, the prices of rice in the domestic market also could fall. And then, the exchange policy must be taken into account. We have sold 100,000 tons of rice to Bangladesh with the Government to Government trading system. But our rice market has not been hurt. The rice market will be going regularly until summer rice is produced. The amount of export rice is almost the same as previous years." he said.
While seeing a rice shop
Due to the change of the India's rice policy, the prices of rice fell by 10 percent in the world market.
The prices of Myanmar export rice also could fall. So, it is necessary to lay down proper policies regarding the export rice.
It was necessary to control the market by trading through the G to G system, U Than Aung, a rice trader, told CNI News.
" The Myanmar rice market isn't hurt so much at present. But later, if we haven't sold rice anymore, the market may cool down a bit. If we have sold rice to Bangladesh through the G to G system, the market will be going regularly. The market has been controlled." he said.
It was necessary for Myanmar to expand its rice market to some African and Mideast countries with less Indian influence, suggested market analysts.
Myanmar is the eighth most rice exporter among the ten most rice exporters in 2023-2024 and it exported 1.8 million tons of rice.
