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.
source: Eleven Myanmar
http://www.elevenmyanmar.com/business/1908-myanmar-s-rice-prices-drop-amid-export-ban
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