The peanut prices are rising at a slower pace in the domestic market on account of strong demand by Chinese buyers and local oil millers, according to the Mandalay Commodity Depot.
The prevailing prices move in the range between K5,800 and K7,550 per viss in the domestic market depending on varieties.
Strong demand drove the peanut prices to K7,550-K11,000 per viss on the back of strong foreign and domestic demand on 18 August 2023.
Myanmar has been exporting oil seeds (sesame seeds and peanuts) to foreign countries. In April 2022, the world’s top palm oil exporter Indonesia, which is one of the main oil suppliers to Myanmar, declared an export ban on cooking oil export to reduce domestic shortage. Consequently, Myanmar’s Trade Department under the Ministry of Commerce temporarily suspended exports of oil crops (peanut and sesame) from 9 May 2022 to have oil self-sufficiency.
Exports of Myanmar’s edible oil crops resumed as the world’s top palm oil exporters returned to normalcy, according to a notification dated 5 July 2022 released by the Trade Department.
The country exported over 10,000 kilogrammes worth US$16.333 million to foreign markets through seaborne and border trade channels over the past eight months of the current financial year 2023-2024 beginning 1 April. — NN/EM
