Prices nosedive as Bangladesh suspends imports from Myanmar

By Admin 08 Jul 2023

DMG Newsroom
8 July 2023, Sittwe

Merchants exporting goods to Bangladesh are suffering after Bangladesh suspended imports of all products from Myanmar with the exception of ginger and garlic. The move has forced these traders to offload their stocks on domestic consumers, and prices have reportedly declined due to demand and supply factors.

Myanmar primarily exports rice, onion, betel nut, coconut, ginger, fish, prawn and crab to Bangladesh through its border trade camps in Arakan State. But since early June, Bangladesh has suspended imports of all products from Myanmar except ginger and garlic.

The price of betel nuts has subsequently dropped from 200,000 kyats per 25 viss to 80,000 kyats due to sluggish demand, according to betel nut dealers.

“It is likely that the price may drop further, to 60,000 kyats. All my betel trees were blown down by the storm [Cyclone Mocha], and the betel nuts we have stockpiled are not selling. So, we have difficulties,” said betel nut dealer Daw Aye Moe Than from Letthanchi Village in Mrauk-U Township.

Meanwhile, merchants exporting coconuts to Bangladesh have had to offload their stocks on domestic consumers at steeply discounted prices, said coconut dealer U Tun Win from Manaung Township.

“We have been forced to sell to the Yangon market at half price, from 800 kyats previously to 400 kyats now,” he said.

U Tin Aung Oo, chairman of the Arakan State Chamber of Commerce and Industry, said: “The trade with Bangladesh has declined due to some policy problems in export procedures.”

Myanmar largely exports marine and agricultural products to Bangladesh via the border trade camps in Maungdaw and Sittwe, and mostly imports building materials.