As per the recent reports, it has been revealedon July 5 by Mr U Thein Zaw, Chair of the Mandalay rice trading centre that the price of ordinary rice exported to China is down by K500 in each category. Further, it has been indicated that since the trading is quiet, so prices have been reduced. Moreover, 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 told that the traders have been discouraged by arrests in their own country. Meanwhile, the big traders are also not coming down from China much, so local traders here are not very active. It has also been stated that in Yangon summer rice is selling at a discount of K400 or K500 per basket only.
Furthermore, according to sources, it has been indicated that the seasonal difficulties have also slow down the trade. A transaction that normally takes a week under the present condition, it can take 15 to 20 days in heavy rain, to get across the border and back as it has been described. Further, the rain has been so heavy that some shops have been closed altogether and traders sometimes come back with unsold stock. In this matter, a survey by Yezin Agriculture University found that Myanmar might be losing up to 4 million tonnes of paddy each year which is equivalent to half a year’s food supply for the country through wastage, the university said last week. The data also indicate that of the 14 million tonnes produced; about 8 million tonnes are consumed in Myanmar while 1.18 tonnes is exported mostly to the China.