The prices of peanuts continue to fall owing to an abundant supply of fresh peanuts and slow-moving foreign demand, according to the Mandalay wholesale market.
The demand from the main buyer China is slowing down at Mandalay market during the Mid-Autumn Festival. This being so, the red peanuts that China mostly buys are barely transacted in the market at present.
The prices of peanuts moved in the range of K6,000-7,500 per viss (a viss equals 1.6 kilogrammes), Mandalay market’s price statistics indicated.
The prices peaked at K7,550-11,000 per viss on the back of strong foreign and local demand at Mandalay wholesale centre on 18 August.
The figures indicated a sharp drop of K1,350-3,500 per viss in the past one and half months.
Nonetheless, the peanut price stayed strong in the market at over K15,000 per viss.
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 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 conveyed over 99,000 kilos worth US$15.319 million to foreign markets through seaborne and border trade channels in the H1 of the current financial year 2023-2024 beginning 1 April. — NN/EM
