Rice prices cross K100,000 per bag despite abundant domestic rice stocks

Agriculture in Myanmar is an important sector that produces rice for daily consumption. There is no win-win situation for the people related to rice and the consumers in the years 2022 and 2023.
Rice, like other commodities, has risen in price for two consecutive years, making most of those associated with the rice industry more profitable than in typical years. Consumers are switching to cheaper types of rice due to its high price.
The announcement was made in July 2023 that the domestic rice balance was 3.799 million tonnes according to the balance of rice exported by regions and states.
According to relevant statistical information, the amount of rice exported at the beginning of the 2023–2024 financial year, when prices are high in the domestic rice market, has decreased compared to the same period last year.
Although the export of rice dropped in the first three months of this financial year, the tonnage of exported rice may increase after the new monsoon rice season in September. The remaining four million tonnes of domestic rice are more than enough for export and domestic consumption in September.
Especially a bag of the Pawsan rice variety, whose price is rising around K100,000, usually stays on the market for roughly four to five months after the new Pawsan rice variety emerges.
New low-grade summer rice from Upper Myanmar is entering the market, and new monsoon rice may start entering the market in September. The amount of rice stock is also about four million tonnes. Therefore, it can be said that the rise in the price of rice does not mean that there is not enough rice.
A rice market analyst said that the high price of rice is the result of the high demand produced by the anxiety of some consumers, while some rice hoarders raised the price for their benefit. — TWA/CT