Mandalay market sees persistent rise in peanut prices on the back of strong foreign and domestic demand and the price soared to approximately K10,000 per viss, according to the Mandalay Commodity Wholesale Centre.
The prices jump to K7,400- 9,900 per viss depending on different varieties presently. The local oil millers and Chinese buyers have been increasingly purchasing them in the competitive market.
Along with the rise in peanut prices, the peanut oil price hit K14,000 per viss accordingly.
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 the 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 shipped more than 88,000 kilogrammes worth US$13.619 million to foreign markets through seaborne and border trade channels in the past four months of the current financial year 2023-2024. — NN/ EM
