Burmese rice and broken rice were exported in the first two months of the fiscal year, according to the Myanmar Rice Federation. In the first two months of the half-year budget for 2021-2022, more than 500,000 tons of Burmese rice and broken rice were exported.
In October, the first month of the first half of the semi-budget, 32 businesses exported more than 210,000 tonnes of rice and broken rice, while 34 businesses exported more than 280,000 tonnes in November, as reported by the Myanmar Rice Federation (MRF).
More than 470,000 tonnes of broken rice and rice were exported via maritime trade during those two months. Nearly 30,000 tons are shipped across the border to countries in the vicinity.
Compared to October, foreign purchases of Burmese rice increased by approximately 80,000 tonnes in November. Exports across the Chinese border have decreased due to the Kovis epidemic, but maritime exports have increased.
A rice trader claims that an increase in ship-to-ship shipments may have been caused by an increase in volume as a result of the scarcity of containers in the sea trade and high rents.
Also, a rice trader said that foreign buyers were buying more this year because traders were discounting Burmese rice below international prices and calculating the value of the dollar.
“At that point, we just noticed it. The price of the raw rice they purchase and the price they sell benefit vendors. Because there are no buyers, bidders are not selling. Because he doesn’t want to hurt his own reputation, the seller will give you genuine items. Those who are unable to sell cannot do so.
The prices of Myanmar rice on the international market are lower than those of other rice exporters like Thailand and Vietnam.
The Myanmar Rice Federation (MRF) claims that the current international price of rice ranges from US$ 262 to US$ 426 per tonne, depending on the kind and quality.
In the fiscal year 2019-2020, Myanmar exported more than 2.5 million tonnes of broken rice, bringing in approximately $800 million in export revenue.