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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