Myanmar plans to curb rice exports
Myanmar is planning to temporarily restrict rice exports to control rising domestic prices, an official of its rice industry body said yesterday, joining India, the world's biggest shipper of the staple amid tightening world supplies.
"We will temporarily limit rice exports for about 45 days from the end of this month," a senior member of the Myanmar Rice Federation told Reuters, adding that rising domestic prices was prompting authorities to limit exports.
Myanmar is the world's fifth-largest rice exporter, selling more than 2 million tonnes a year, according to US Department of Agriculture data.
Last month, India banned exports of non-basmati white rice, reducing supplies on the global market by about 10 tonnes, or 20 percent.
"Myanmar is not a big player in the rice market like India or Thailand but the restrictions are coming at a time when supplies are tightening," said a Mumbai-based dealer with a global trade house.
"This will send a bullish signal to the market and increase the concerns of buyers," the dealer added.