Myanmar corn gest high prices under high foreign demand

Myanmar corn kernel is getting high prices in the domestic market as the demands from foreign countries such as India, Philippines, and Vietnam are rising.

The zero-tariff period granted by the major buyer of Myanmar corn, Thailand, is over but the price of Myanmar corn is still in a rising trend, and many predict that the price will rise higher.

In the domestic market, the price of corn kernels was 1,350 Kyats per viss (approx. 1.6 Kg) in October and rose to 1,550 Kyats per viss in November. The price of corn on 23 December was 1,670 Kyats per viss.

A Chinese company reportedly sent an offer to buy non-genetically modified organism (non-GMO) corn grown in Myanmar.

According to data released by the Myanmar Corn Industry Association (MCIA), Myanmar exported about 1.7 million tonnes of corn kernel in the first eight months of this fiscal year ending March 31 next year.

The freight on board (FOB) price of Myanmar corn kernel is around US$255-265 per tonne. Myanmar earns about US$700 million every year from corn exports.

Myanmar exports corn mainly by maritime trade. In border trade, corn is exported through the Tachilek border trade post in Shan State (East).

Among the exports of agricultural produce from Myanmar, pulses and beans get the largest foreign exchange earnings followed by rice and corn exports in second and third places respectively.

Tags: prices, Vietnam, India, Thailand, Myanmar, corn, price, Philippines