Feb 16, 2013

South Korea Traders Seek 70,000 Tons Myanmar Rice in 2013

The Myanmar Rice Federation (MRF) has revealed that a South Korean company has offered to purchase up to 70,000 tons of rice from Myanmar this year. The MRF said that the South Korean company has asked suppliers in Myanmar to submit a tender in February to facilitate the deal. Delivery is expected to take place in consignments of 10,000 tons per month beginning March, 2013.

Local sources say that Myanmar rice exporters are keen to make a breakthrough in the South Korean rice market and are prepared to offer rice at as low as around $370 per ton in the tender. Last year, South Korea’s rice buying agency Korea Agro-Fisheries & Food Trade Corp cancelled several tenders to buy rice due to “unexpectedly high prices.”

In the fiscal year 2011-12, Burma exported about 874,000 tons of rice. The country plans to export 1.5 million tons in 2013, the highest in 46 years, according Myanmar’s Ministry of Commerce. South Korea will be the second international market for Myanmar rice exporters since the country resumed rice exports last year. Last month, a delegation from Japan agreed to include Burma rice varieties in its global tenders to buy rice, to help replace expensive Thai rice with rice from Myanmar.

Source: Oryza


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