Myanmar eyes surge in rice exports after India curbs supply

MYANMAR expects rice exports to surge in coming months as curbs on Indian sales and a spike in Thai and Vietnamese prices force buyers to hunt for other origins.

The tightening in global supply should help revive the Southeast Asian nation’s rice shipments, which slumped 56 percent in the first four months of the fiscal year, and bring it closer to its annual goal of earning $1 billion from exports of the grain, Ye Min Aung, president of the Myanmar Rice Federation, said in an interview last week.

Myanmar exported about 320,000 tons from April to July, earning just $138 million, according to data from the federation, after the government decided to prioritize selling highergrade rice. But prospects improved last month when India, the world’s top exporter, banned a substantial portion of its overseas sales to keep a lid on domestic prices ahead of a general election due early next year. That’s pushed up prices in some of Myanmar’s regional competitors.

“We hope to take advantage, even though we’ll maintain our focus on exporting only higher-quality varieties,” Ye Min Aung said.

Myanmar is another nation troubled by food insecurity, a situation worsened by political instability since a military coup in 2021, and its export policy is designed to conserve domestic supplies. While sales of better-quality grain can reap as much as $700 a ton compared to $300 or $400 a ton for lower grades, according to Ye Min Aung, it also limits customers to relatively wealthy countries.

Myanmar earned over $800 million from rice sales in each of the two previous fiscal years, according to the federation, and its biggest buyers include c hina, the Philippines and Belgium. The United States Department of Agriculture ranked it as the world’s sixth-biggest exporter last year.

Argentina beef ban

A RGENTINE officials walked back a temporary ban on beef exports on Tuesday just hours after rolling it out as the fallout from an abrupt currency devaluation is zigzagging emergency policy decisions.

The policy uncertainty comes after a stunning primary election Sunday night when outsider candidate Javier Milei won the race, becoming the frontrunner before the October 22 general vote. In Argentina, one of the world’s largest beef exporters, policies that affect beef prices quickly touch a social nerve as its a key part of the local diet.

After the country’s customs office announced a 15-day beef ban midday Tuesday, Argentine Agriculture Secretary Juan Jose Bahillo denied the measure. Hours later, he released a joint statement with Guillermo Michel, the head of Argentina’s customs agency, saying they were negotiating an agreement with beef producers on volumes and prices for the domestic market that would allow them to continue exporting. No other details were provided.

Beef industry advocates were immediately skeptical about a price agreement cooling prices anytime soon.

“This won’t control meat price increases for all consumers,” says Miguel Schiariti, head of Argentine beef industry group c i ccra. “These agreements with the export sector are only about 6 percent to 7 percent of all the meat consumed in Argentina.”

Argentina is bracing for rampant inflation to accelerate even further after the cash-starved government ran out of dollars to defend the peso and let it plunge 18 percent overnight, as Milei sprang a surprise in a has called on farmers to have their names listed in the RSBSA to be able to avail of various agricultural programs from the government.

“To ensure that you will get assistance from the government, you must be registered in the RSBSA,” the DA-Ilocos said.

Nearly 1,000 participants attended the event where government efforts to help farmers and fishers boost their productivity.

Meanwhile, Marcos ordered the

DA and the Department of Trade and Industry on Wednesday to closely monitor the prices of rice.

The government said it is working with the private sector to rationalize the prices and make available affordable rice in the market and in Kadiwa.

“The President will go after hoarders and price manipulators who take advantage of the lean months before harvest season.”

Raadee S. Sausa key primary vote. That prompted 20-percent overnight price hikes including in the local cattle market where a kilo of meat went from 664 pesos last week to 783 by Tuesday.

The government is now scrambling to stop the devaluation from rapidly and fully passing through to all types of local food and fuel prices.

Argentines vie with their neighbors in Uruguay as the world’s biggest consumers of red meat, so politicians closely watch prices. The government already has a longtime ban on exports of seven beef cuts most popular with locals.

Even before the devaluation, increases to domestic beef prices were expected over the next few months. Bloomberg News