The government has recently taken steps to import rice to prevent the shortage of rice in the country due to the fertilizer crisis. Most of the rice was imported from Myanmar.
Meanwhile, Myanmar authorities have told the media that it is more profitable to export rice to Sri Lanka than to other countries. Due to this, the authorities have further stated that rice will be exported to Sri Lanka without any restrictions.
Exports of rice to other countries are done at a price between US $ 340-350 per metric ton of rice, however, Sri Lanka buys rice from Myanmar at US $ 440-450 per metric tonne. Accordingly, Myanmar’s additional profit from exporting rice to Sri Lanka is US $ 100 per tonne more than other countries.
In addition, the Myanmar authorities have stated that there are not many problems with the quality of rice exported to Sri Lanka.
Agreements have already been signed to purchase 150,000 metric tons of rice from Myanmar this year and 2023. Sri Lanka will spend an additional US $ 15 million on the project. It is approximately equal to 03 billion rupees.