Myanmar needs to import 900,000 tons of edible oil every year

Published 2023년 11월 28일

Tridge summary

Myanmar has an annual demand for 1.2 million tons of edible oil but can only produce about 300,000 tons domestically, requiring the import of around 900,000 tons. The country mainly imports palm oil from Malaysia and Indonesia. In the first half of the 2023/2024 fiscal year, Myanmar imported 294,457 tons of palm oil, a 28% increase compared to the previous year, with an import value of US$294.58 million, a 11% decrease. The Ministry of Commerce and the Edible Oil Import, Storage, and Sales Supervision Committee monitor and control palm oil prices and release guidance wholesale prices in the domestic market, which was set at 4,990 kyats per kyat with a purchase limit of half a kyat per person from November 20 to 27, but the market price was 6,000 kyats per kyat.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Myanmar's "Eleven" reported on November 24 that according to the Myanmar Ministry of Commerce, Myanmar's annual demand for edible oil is 1.2 million tons, but the current domestic production is only about 300,000 tons, and about 900,000 tons need to be imported. Myanmar mainly imports palm oil from Malaysia and Indonesia to meet domestic edible oil demand. In the first half of the 2023/2024 fiscal year (April-September), a total of 294,457 tons of palm oil were imported, a year-on-year increase of 28%. The import value was US$294.58 million, a year-on-year decrease. 11%. The Ministry of Commerce of Myanmar and the Edible Oil Import, Storage and Sales Supervision Committee are responsible for observing changes in palm oil prices in the international market and managing and controlling domestic sales prices. The daily FOB price of Malaysian palm oil is used as the basis, plus transportation, bank ...

Source: Foodmate