The Myanmar junta is planning to impose temporary restrictions on rice exports, to contain soaring domestic rice prices, according to an official from the junta’s Rice Working Committee.

They said that the 45-day restrictions will start at the end of August.

Similarly, last month, India implemented restrictions on its rice exports. It reduced it exports by 20 per cent, equivalent to 10 million tonnes of rice.

As a consequence, the price of rice on the global market has risen and there has been an increase of rice exports from Vietnam and Thailand. In the last week, rice exported from Vietnam has been at its highest price ever.

According to a Myanmar Rice Federation (MRF) press release, in July 2023 Myanmar exported 65,000 tons of rice and broken rice.

According to the US Agricultural Department Myanmar exports over 2 million tonnes of rice annually and is the fifth largest rice exporting country in the world.

With 2023 being an El Nino year rice production is forecast to fall this year and rice-importing countries, such as the Philippines and Indonesia are trying to import as much rice as possible to increase their stockpiles.