Low-grade rice price rises over K30,000 per bag in domestic market

February 24,2022

THE prices of highly consumed low-grade rice varieties stand at over K30,000 in the domestic, said U Than Oo, the secretary of Bayintnaung Rice Wholesale Market. 

“The prices of low-grade rice varieties (long-grain rice) remain over K30,000 in the domestic market,” U Than Oo was quoted as saying. Furthermore, the prices of Pawsan high-grade rice varieties are worth over K40,000- 50,000 per bag. 

Highly consumed Pawsan rice varieties produced in the Shwebo area are valued at over K50,000. Yet, the market is quite sluggish, U Than Oo added. “There is no brisk market for rice at present. We see a regular trade,” he pointed out. Next, the prices of low-grade rice varieties are relatively high in the export market as well, ranging from K25,000 to K27,500 per 108-pound bag. The rice prices for the export market is highly correlated with the currency market and the global cues. At present, Kyat is weakening against the dollar at K1,980, he continued. 

Summer paddy is gradually flowing into the market at the moment. Bayintnaung rice depot, the major point for rice export through maritime trade, witnessed the daily inflow of 30,000-40,000 bags. — NN/GNLM