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Domestic rice price increases despite sluggish market

The price of rice in the domestic market continues rising regardless of the inactive market, said U Than Oo, secretary of Bayintnaung Rice Wholesale Centre. Bayintnaung wholesale market showed a significant decline in the volume of trading activity. The retail market is going regularly, U Than Oo stated.

Despite the inactive market, the prices of rice surged by K2,000 per bag. At present, the rice variety which is highly consumed in the domestic market fetches K32,000-35,000 per bag. Normally, the rice fetches a lower rate before Thingyan Festival (Myanmar New Year Festival in April). Shortly thereafter, the price usually goes up, he continued.

The price is unlikely to fall this month, Bayintnaung Rice Wholesale Centre reported. Only a small number of rice export companies are buying the rice at present. Those traders are planning to export them to Bangladesh only. About 80,000 bags of rice and broken rice were earlier traded per day at the Bayintnaung Rice Wholesale Centre, whereas the trade volume plummeted to about 30,000 bags at present.

Source: The Global New Light of Myanmar

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More containers and general cargo ships have arrived at Yangon ports since May, handling more than 11,000 containers and 115,000 metric tons of general cargo

More international container and general cargo ships have arrived at Yangon ports since May, handling more than 11,000 containers and 115,000 metric tons of general cargo, according to the Myanmar Ports Authority. Yangon Port is under the supervision and management of the Myanmar Ports Authority. Due to the cooperation of shipping lines and importers, container vessels can be serviced in May 2021 with an average turnaround time of three days. Shipments and cargo handling have risen since May, handling more than 11,000 containers and 115,000 metric tons of general cargo. In June, up to 40 container vessels are scheduled to enter service.

Maersk Line Myanmar (Sealand Maersk) will launch three new container vessels to meet maritime trade needs. Maersk Line Myanmar will launch new vessels, the Maersk Norberg, Maersk Narvik and Maersk Nesna. Of the three ships, the Maersk Norberg will dock at MITT and MIP ports, and the Launching Ceremony was held on June 10, 2021 at MIP Port. The three new ships will have a capacity of 1,750 TEU 21,000 metric tons (9.5 meters in depth) and were built specifically for the Myanmar market. With the expansion of these new container vessels, there will be enough space & equipment for exports and shipments will not have to wait for a booking.

According to a statement from the Myanmar Ports Authority, 35 container vessels are scheduled to re-launch in June this year to increase exports during the open season and increase imports to meet domestic demand. Last May, only 24 container vessels were scheduled to arrive, but as of May 31, a total of 37 vessels had sailed, according to the Myanmar Port Authority. According to a statement from the Myanmar Ports Authority, 152 vessels over 30,000 tonnes entered Rangoon ports and Thilawa ports in the five months since the new waterway was allowed to be extended due to the discovery of a new waterway on the Yangon River.

Source: The Global New Light of Myanmar