Betel nut merchants in Rye Township, Mon State, have reported that there is no demand for their products in the regional market as a result of the unpredictability of commerce across the border.
“It is also difficult to withdraw money from the bank’s circulation, so if the traders come to sell betel nuts, they have to settle the money, so there is no more trading, so the business has stopped,” a local trader said. “Betel nuts have been traded for approximately a week. Domestic purchases have also stopped. “
According to a trader located in the region, there is only a limited amount of buying and selling going on in the region at the moment, and the only people doing so are those who already have money and are able to invest it, keep it, wait for the price to climb, and then buy and hold it.
A farmer was quoted as saying, “It is not good if betel nut shops are closed for too long.” “We get money from the sale of betel nuts from the farm, so if we can’t sell them today, if we don’t have money, we will face challenges in our ability to maintain our standard of living,” the farmer added.
Following the military takeover that took place more than a year ago, the record price for the previous season reached more than 10,000 kyats before falling back to more than 5,000 kyats.
The price range for this season is from 8,000 to 9,200 kyats. However, there is no betel nut being brought in and there are no dealers, so the price has dropped to 8,000 kyats.
Since the value of the Burmese currency has recently gone down, the farm’s costs cannot be considered reasonable if the market price of betel nuts is not lowered.
The betel nuts that are produced in Ye Township are not only consumed domestically but also in India and Bangladesh. The betel nuts produced in Ye Township are also shipped to China at a rate of over 100,000 tons per year.