Thailand
Myanmar: Myanmar rice price falls as Chinese demand slows
Myanmar: Myanmar rice price falls as Chinese demand slows
Thursday, 07 July 2016 – Rice prices are falling in quiet rainy-season trading, as a weaker yuan makes Myanmar exports to the world’s second-largest economy less competitive and arrests in China in connection with the rice trade discourage buyers across the border.
U Thein Zaw, chair of the Mandalay rice trading centre, said on July 5 that the price of ordinary rice exported to China is down by K500 in each category. “Trading is quiet, so prices are reduced,” he said.
The Chinese yuan has depreciated by 12.75 percent to the kyat this year according to Central Bank of Myanmar data, while U Thein Zaw said that traders have been discouraged by arrests in their own country.
“The big traders are not coming down from China much, so local traders here are not very active. In Yangon summer rice is selling at a discount of K400 or K500 per basket,” he said. Read More?