China suspends rice imports from Myanmar after bank freezes

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Chinese merchants have suspended its rice imports from China-Myanmar border after a freeze on bank accounts of merchants, said Than Oo, secretary of Bayintnaung Rice Brokerage Center.

“Rice prices remain unchanged as China has suspended rice imports from Myanmar. Rice prices will go up when there are high demands from China. Rice trading is not working well as China makes a crackdown on contrabands,” he added.

China has frozen bank accounts of traders in China-Myanmar border very often. Remittance services have suspended since June 12 as there are some problems with money transfer, according to merchants in Muse border.

Khin Maung Lwin, assistant permanent secretary of Commerce Ministry said: “Commerce Ministry will sign a MoU with Yunnan province government to officially export rice, sugar, maize and other agro products to China in June.

Under the MoU, Myanmar will import farm equipment, electronics, steel and steel products which are equivalent to export volumes, from China.

Myanmar’s rice exports via border area declined in April and May as China reduced its Minimum Support Rice (MSP), according to Lu Maw Myint Maung, joint general-secretary of Myanmar Rice Federation.

Myanmar exported more than 70 per cent of rice via border trade and the rest via marine trade.

Source: Eleven Myanmar

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