The price of paddy produced in the Ayeyawady Region is likely to keep rising, according to Ayeya Trade Centre (ATC) under Myanmar Trade Promotion Organization.
At present, direct export of rice from the Ayeyawady Region to foreign markets has started and the traders who keep the stocks in hand pushed up the paddy price for now. The price of paddy is expected to remain on an upward trend, said a rice trader.
In early September, the Myanmar government and Bangladesh government signed a Memorandum of Understanding on rice trade. According to this MoU, 30,000-50,000 tonnes of rice are slated to be directly exported to Bangladesh from Ayeyawady Region.
Therefore, Myanmar directly sent 2,650 tonnes of Emahta rice (5 per cent broken) to Bangladesh through Ayeyawady International Industrial Port-AIIP in Pathein Industrial City.
According to the MoU, Bangladesh has agreed to yearly buy 250,000 tonnes of white rice and 50,000 tonnes of parboiled rice from Myanmar between 2022 and 2027.
At present, the paddy prices stood at K1.3 million per 100-basket for low-grade paddy and K1.64 million for high-grade paddy, K1.4 million for the Shwethwe variety. The prices of rice are K43,000 per bag of low-grade rice (Sinthukha, Manawthukha and hybrid variety), K53,000 for the new Pawsan rice variety and K65,000 for the old Pawsan rice variety. The prices may vary depending on the market conditions.
Dealers from Bago and Pyay cities came and purchased paddy in Ngathainggyoung and Hinthada townships in Ayeyawady Region. Rice is sent to Mandalay, Sagaing, Monywa, Pakokku and Yangon’s Bayintnaung Wholesale Centre.
Since 7 September 2017, Myanmar and Bangladesh have engaged in rice trade under the government-to-government pact. That MoU stated that Bangladesh has agreed to yearly buy Myanmar’s white rice (250,000 tonnes) and parboiled rice (50,000) tonnes between 2017 and September 2022.
Bangladesh’s Directorate General of Food and MRF signed the sales contracts as per the MoU and Myanmar sent 100,000 tonnes of rice to Bangladesh each in 2017 for the first time and 2021 for the second time, as per the sales contract. – NN/GNLM