August 29, 2022
The price of areca nuts climbed to K8,000 per viss (a viss equals 1.6 kilogrammes), according to the areca nut market.
On 1 August, the prices of areca nuts ranged between K5,100 and K 6,100 per viss. The current market price significantly jumped to K6,500-K8,000 per viss, showing a sharp increase of K1,400-K2,000 per viss in the past four weeks.
“Low inventory is the main reason for the price rise,” an official of Nyi Nyi Areca Nut Trading told the Global New Light of Myanmar.
The prevailing price of areca nuts was K30 per piece last year. This year, the price jumped to over K60. The farm owners are keen on selling the soft and moist areca nut fruits rather than dried ones.
The brokers go down to farms and buy areca nut fruits from 17-18 gm sized fruits to over 30 gm sized fruits.
The farm owners expressed an interest in the harvest of ripe betel nut fruits on the back of China demand with high prices. The market grew this way and farm owners make a handsome profit at present.
As a result of this, the dried areca nut production is likely to drop in future and the prices are likely to go up on low inventory and possible foreign demand, traders shared their opinions.—NN/GNLM
