January 17
The strong demand from Chinese buyers and domestic oil millers has driven up peanut prices, as reported by the Mandalay Commodity Wholesale Centre.
In mid-December, prices fluctuated between K6,300 and K8,100 per viss in the domestic market, depending on varieties. This marks an increase of K500-K1,000 per viss compared to the rates recorded in early December. Record-high prices of K7,550-K11,000 per viss were observed on 18 August 2023 due to robust foreign and domestic demand.
Myanmar has been exporting oilseeds, including sesame seeds and peanuts, to foreign countries. In April 2022, Indonesia, the world’s leading palm oil exporter and a major oil supplier to Myanmar, imposed an export ban on cooking oil to address domestic shortages. Consequently, Myanmar’s Trade Department, under the Ministry of Commerce, temporarily halted the exports of oil crops (peanuts and sesame) from 9 May 2022 to achieve oil self-sufficiency.
Exports of Myanmar’s edible oil crops resumed when the world’s top palm oil exporters returned to normal operations, according to a notification dated 5 July 2022 from the Trade Department. Over the past nine months of the current financial year (2023-2024), the country exported over 11,000 kilogrammes worth US$16.954 million to foreign markets through seaborne and border trade channels. — NN/EM
