Myanmar: GW-11 rice fetches premium prices as Philippine demand strengthens
Myanmar’s high-quality GW-11 rice is fetching around $580/t in the Philippines, supported by strong buyer demand and a preference for its quality. The premium is encouraging expanded cultivation, while the Philippines’ continued imports could further support Myanmar’s rice exports and prices.
Myanmars high-quality GW-11 rice is commanding premium prices in the Philippine market amid strong demand for the variety. Myanmar is receiving around $580/t for GW-11 rice exported to the Philippines, compared with about $480/ton reportedly received by Thailand for the same variety. The Philippines has emerged as a key market for Myanmars GW-11 rice, with buyers showing preference for the variety because of its quality.
Philippine demand supports Myanmar exports
Philippines has purchased more GW-11 rice from Myanmar as demand for the variety has increased. Myanmar, Vietnam and Thailand are among the countries supplying rice to the Philippine market. GW-11 orders account for a significant share of Myanmars shipments to the Philippines, with the variety gaining traction due to its quality rather than milling technology. GW-11 rice from Myanmars Ayeyarwady Region initially entered the Philippine market at relatively moderate prices. However, stronger demand in recent months has supported higher prices, including for supplies from the Mandalay Region.
Myanmar seeks to expand GW-11 cultivation
The stronger demand and premium prices have encouraged calls for increased cultivation of GW-11 rice in the Ayeyarwady Region and other producing areas while maintaining the varietys quality. Myanmar exported more than 800,000 t of rice between April and August. Belgium remained a major destination for Myanmars broken-rice exports, while the Philippines continued to purchase GW-11 rice. The Philippines is reportedly preparing to purchase up to 5 million tonnes of rice, keeping the country an important market for Asian rice exporters.
Outlook
Strong Philippine demand could continue to support Myanmars GW-11 rice prices, particularly if buyers maintain their preference for the variety. However, Myanmars ability to expand GW-11 exports will depend availability of suitable-quality rice and expansion of cultivation while maintaining the varietys quality. The reported price gap with Thailand also highlights the current premium on being achieved by Myanmars GW-11 rice in the Philippine market.
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Source : BIGMINT
