Myanmar plans to restrict rice exports amid surging domestic prices

Myanmar is planning to temporarily restrict rice exports for about 45 days from the end of August as rice prices in the country are rising.

Myanmar is planning to temporarily restrict rice exports for about 45 days from the end of August as rice prices in the country are rising.

Myanmar is planning to temporarily restrict rice exports for about 45 days from the end of August as rice prices in the country are rising.

A senior member of the Myanmar Rice Federation has told Reuters about the plan, adding that rising domestic prices were prompting authorities to limit exports.

According to the US Department of Agriculture's data, Myanmar is the world’s fifth-largest rice exporter, selling more than 2 million tonnes a year,

Last month, India banned exports of non-basmati white rice, reducing supplies on the global market by about 10 million tonnes, or 20%.

Global rice prices offered by leading exporters, including Thailand and Vietnam, have climbed since India’s ban on July 20.

Meanwhile, rice importers, including the Philippines and Indonesia, are rushing to boost purchases as a dry El Nino weather pattern is expected to reduce production.

(VNA)

Source