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Padiberas Nasional Berhad (BERNAS) has just announced that there will be an adjustment in the prices of all imported white rice effective immediately. This is a big development as we will see the price per metric ton (MT) raised to RM3,200 from the current RM2,350.
2023 has proven rather challenging for BERNAS, as the first half of the year reflects the uncertainties that result from multiple external factors. These include climate change, weakening foreign exchange rates, high operational costs and regional conflicts.
All of these factors have triggered a significant impact on the global rice trading market. The recent announcement of India’s ban on white rice exports has also compounded the issue.
Price adjustment to ensure business sustainability
BERNAS has been absorbing the impact of the increase in imported rice prices over the last few years. However, the continued uncertainty and unstable nature of the global market has increased the pressure to maintain sustainable business operations for all industry players. Thus, the price adjustment is inevitable and critical at this point in time, BERNAS announced in a statement.
BERNAS is also working closely with the Ministry of Agriculture and Food Security (MAFS) and other relevant agencies and authorities. It is also reaching out to international trading partners, to guarantee a stable rice supply to Malaysia. The nation’s food security and the people’s interests remains a top priority.
BERNAS taking steps to ensure consistent supply
Despite the many difficulties that are currently being faced, BERNAS has remained adaptable and determined over the years. The organisation has taken intentional measures to enhance and secure the resilience of the domestic rice market by ensuring product availability, price stability, and quality.
As such, BERNAS is committed to ensuring a consistent supply of rice in the country, acting as a buffer to prevent the negative effects of global rice market fluctuations from affecting the nation. BERNAS has stated that it will continue to monitor international market prices closely and adjust prices accordingly once the situation has normalised. For the moment, the price of imported rice in Malaysia remains one of the lowest in Southeast Asia.
