Myanmar generated US$642.2 million income from global exports of rice and broken rice in the past ten months (October-July) of the current financial year 2020-2021, according to Myanmar Customs Department.
The volume of rice and broken rice exported in the past eight months was estimated at over 1.2 million metric tons.
The prices of white rice varieties ranged between US$375 to 405 per metric ton whilst the price of glutinous rice was US$600-610 per metric ton and broken rice fetched $300-335 depending on the different varieties and quality, according to the Myanmar Rice Federation (MRF).
This year, rice shipment to European countries has declined. However, Myanmar is delivering rice and broken rice to China and Bangladesh.
Prices of staple rice have stayed in the upward trend since May. Additionally, restriction measures to contain the spread of COVID-19 and natural disasters affected the prices, which are expected to remain bullish in the coming months.
High-quality rice is in demand for domestic consumption with prices varying between K36,000-68,000 per bag depending on the variety. Low quality rice is priced between K23,000 and K28,800 per bag at present.
The domestic retail price of Ayeyawady Pawsan, Shwebo Pawsan, Pawkywel, short matured rice varieties and sticky rice is expected to drop from mid-September 20121.
Myanmar set the rice export target at only 2 million metric tonnes in the current financial year as summer paddy acreage drops. Climate change has also impacted on irrigation water resource availability.