The current operating capacity of oil mills in Magway Region, known as the oil bowl of Myanmar, is only 35 percent, U Nay Lin Aung, chairman of the Magway Region Edible Oil Merchants and Oil Entrepreneurs Association, said at the 32nd Annual General Meeting of the Myanmar Oil Merchants and Oil Entrepreneurs Association held at the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) on December 21 morning.
There are more than 100 oil mills in Magway currently, and the oil mills are not able to operate yet at full capacity but only 35 percent. In addition, during the edible oil crops harvesting seasons, it is necessary to prevent edible oil crops from being exported on all sides and to use them domestically, U Nay Lin Aung said.
The current oil crop market in Magway Region is favorable for farmers, and the current market’s situation is: buyers despite the low prices; no market shortage or difficulties in buying and selling. The domestic demand for edible oil is about 1.1 million tons per year for consumption and other industries, and the average annual production of edible oil is only about 180,000 tons, according to the statistics of the Department of Consumer Affairs. According to the Ministry of Commerce, more than 600,000 tons of edible oil were imported in 2023-2024.
