Myanmar will restrict rice exports.

SGGPO August 28, 2023 16:22

Myanmar has also decided to restrict rice exports. This will lead to a significant increase in world rice prices.

Rice production in Myanmar. Photo: IC

According to the Center for Industrial and Trade Information ( Ministry of Industry and Trade ), Reuters quoted an official from the Myanmar Rice Federation as saying that the country will temporarily restrict rice exports for about 45 days starting from the end of August, due to high rice prices in the domestic market.

Previously, India and several other countries had ordered a halt to rice exports (from July 20) and imposed a 20% tax on parboiled rice from August 25. Myanmar's move to restrict rice exports is expected to further limit the world's rice supply compared to previous years.

According to the US Department of Agriculture , Myanmar is currently the world's fifth-largest rice exporter, with exports exceeding 2 million tons annually. Rice experts predict that, given India and Myanmar's strict controls on rice exports, the price of Vietnamese rice exports may increase further.

According to the Vietnam Food Association (VFA), the price of Vietnamese rice exports has rebounded after falling by $20/ton last week. Currently, the price of 5% broken rice from Vietnam continues to be the highest in the world at $638/ton (10 USD/ton higher than the same type of rice from Thailand); 25% broken rice also remains stable at $623/ton, $58/ton higher than the same type of rice from Thailand.

Source: https://www.sggp.org.vn/myanmar-se-han-che-xuat-khau-gao-post703400.html