Myanmar to restrict rice exports

SGGPO 08/28/2023 16:22

Myanmar also plans to limit rice exports. World rice prices are expected to increase.

Rice production in Myanmar. Photo: IC

The Industry and Trade Information Center (Ministry of Industry and Trade) reported that Reuters news agency quoted an official from the Myanmar Rice Federation as saying that the country will temporarily restrict rice exports for about 45 days 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 limit the world's rice supply compared to the average of previous years.

According to the US Department of Agriculture, Myanmar is currently the world's fifth largest rice exporter, with an export volume of more than 2 million tons per year. Rice experts say that in the context of India and Myanmar strictly controlling rice exports, Vietnam's rice export prices may increase further.

The Vietnam Food Association (VFA) said that Vietnam's rice export prices have increased again after falling by 20 USD/ton last week. Currently, Vietnam's 5% broken rice price continues to be the world's highest at 638 USD/ton (10 USD/ton higher than the same type of rice from Thailand); 25% broken rice is also stable at 623 USD/ton, 58 USD/ton higher than the same type of rice from Thailand.

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