Cessation of rice and broken rice exports from the border to China. Rice prices hit a record high
U Min Thein, vice chairman of the Muse Rice and Rice Commodity Board, said that the export of rice and broken rice from the Muse border to China has been completely suspended since March 1 until the current third week of May.
“From March 1, rice and rice break will not go to China anymore. The license is not closed, it is authorized. But because the price was not right, traders lost money and stopped going. From May 1st to the third week of May, there is no export at all,” U Min Thein said.
Currently, the price of rice in the country has reached a record high, causing difficulties for consumers, and because the price is unreasonable for those who export, the export of rice has also decreased significantly.
The Ministry of Economy and Commerce announced that in order to control non-conventional storage due to the increase in the price of rice and the need to make more profit, if you store more than 1,000 bags of rice (50 tons) and more than 5,000 rice baskets, you will have to register.
“In the past, we were allowed to freely load and store rice and broken rice, but now we cannot keep more than 1,000 bags of rice in the warehouse. If it is more than that, it must be registered with the relevant authorities. Before, I was allowed to work freely, but now I have to work hard,” said U Min Thein.
65 percent of the current border rice and broken rice exports will have to be exchanged for kyats at the price set by the central bank. Border rice traders said that due to restrictions on rice storage, border exports will continue to be suspended.
At present, with the depreciation of Myanmar kyat, rice prices are also continuously rising.