Myanmar has exported US$190.7 million worth more than 160,776 tonnes of peanuts to the foreign trade partners in the financial year 2020-2021, according to the Ministry of Commerce.
Myanmar’s peanuts are mostly exported to China. At present, it is highly demanded in the domestic market rather than the Chinese market as the price of imported palm oil edged up to above K5,000 per viss this month, following Kyat depreciation. Consumers’ behaviour has changed and the demand for peanut oil has risen these days. The peanut oil was priced at about K6,500 per viss (a viss is equal to 1.6 kg), whereas the price of palm oil was around K4,500 per viss in October.
Following the high demand of the local millers, the prices of peanuts moved in the range of K2,700-2,950 per viss, according to Mandalay wholesale market.
Myanmar oil body has been planning to export peanut oil produced in line with Good Agriculture Practices (GAP) and Good Manufacturing Practices (GMP).
There are about 300 oil millers in Mandalay, of whom only 50 hold FDA certification, while the rest have been unable to meet the FDA criteria.
The Myanmar Edible Oil Millers Association plans to help millers in the entire supply chain get approved by the Food and Drug Administration, to eradicate illegal sales in the market and ensure a firm market for producers.
It also helps millers earn the trust of consumers and place them in a better position to compete with other oil brands being sold in the domestic market, said Mandalay oil millers. — KK/GNLM