Commodity, export product prices including palm oil prices decline

 October 03, 2022


When the gold prices and exchange rates declined drastically in Yangon market by the end of September, the prices of commodities and exported bean also dropped.

On 29 September, the exchange rate was K2,950 per dollar in external market and it was only K2,595,000 per tical of gold, according to the market.

On 31 August, the exchange rate was K4,500 per dollar and the gold price reached K3.8million per tical temporarily. When the exchange rate declined obviously, the bean exports such as black bean and pigeon pea prices were also going down.

Although the FOB prices do not change, the bean prices are falling in Yangon market as the exchange rate drops.

The black bean and pigeon pea can be exported to India freely until March 2023, but the prices of these two beans drop in Yangon bean market, said bean merchant Ko Thet Ko.

On 19 September, it was K2,001,000 per tonne of FAQ/RC black bean, K2,326,000 per tonne of SQ/RC, K2,175,000 per tonne of Red/RC pigeon pea, and the export bean prices were $795-815 per tonne of FAQ black bean, $925-945 per tonne of SQ and $830-850 per tonne of FAQ pigeon pea.

On 29 September, the export bean price of black bean changed while the price of black bean and pigeon pea increased $5 each per tonne. It was K1,885,000 per tonne of FAQ/RC black bean, K2,225,000 per tonne of SQ/RC and K2,075,000 per tonne of Red/RC pigeon pea.

The price of one 18-litre palm oil container imported via border camps was about K70,000/71,000 on 29 September. In the market, the wholesale price is K7,100 per viss and the demand is still low, according to Bayintnaung market.

There are also very few buyers although the oil price is K7,200 per viss in Nyaungbinlay market, oil seller Ko Swe Tun told the GNLM. The 18-litre oil jarrycan was priced at K75,000 per container on 28 September.

The peanut price declines to K1,000/1,500 per viss and the peanut oil price also drops to K12,500 per viss from K14,500. In Mandalay market, the sesame prices are also going down and so the prices of sesame are not fixed yet, sesame farmer Ko Htay from Myingyan told the GNLM.

In Yangon market, the onion prices also drop K450 per viss during this week. The Kyukok garlic wholesale price is K3,750 per viss while K2,000 per viss of Chinese potato and K4,125-K4,400 per viss of chickpea.

The wholesale price of Moehtaung chilli is only K15,500 per viss. The Pawsan rice price drops about K2,000 per bag.

Although most of the commodities prices decline significantly, the Bayintnaung wholesale centre was seen with lesser number of traders for a few days, said the owners of wholesale centre. —TWA/GNLM