Declining peanut price: Ample supply pushed drop of peanut price

Due to the bountiful supply of fresh peanuts which hit the high domestic consumption for the consumers, in Mandalay market from all over the regions and states in recent days and decreased peanut prices, it is very convenient for the local consumers, according to the peanut traders. 

At the beginning of March 2023, the price of red peanut was about K7, 800 per viss and the price dropped to K 7,000 per viss in mid-March.

Soe Win Myint, said " The prices of peanuts and peanut oil are plunging in March 2023 and the result of declining prices is due to the abundance of peanuts arriving at the Mandalay market from all regions. The prices of red peanut and white peanut S-1 in the beginning of March tended to decline from K7, 800 and K7, 000 per viss to K7, 000 and K6,300 per viss respectively in Mid-march."

The drop in price is due to the plentiful arrival of peanuts from all over the region as well as falling in forex rate of the currency of Chinese Yuan, which is the main buyer of Myanmar’s red peanuts, during these days.

The price of peanut oil has declined from K14,000 to K 12,000 per viss and as a result,  it benefits for the consumers and can purchase edible oil with affordable price than previous days. Fresh peanuts from Mandalay, Sagaing , Magway and Ayeyarwaddy regions are arriving at the Mandalay market in abundance and peanuts can cultivate well all year round, it’s learnt.