Asia Pacific Weekly Price Monitor Regional Office for Asia and the Pacific. 6 August 2012

Transcription

1 6 August 212

2 Policy s Highlights of the week Lao PDR is on track to complete its WTO accession negotiations after this year s summer break, and the country s membership in the Geneva-based trade body is expected to be formalised before 212. A new radio programme in Myanmar funded by the Livelihoods and Food Security Trust Fund (LIFT) has been broadcasting local market prices of crops, from sesame and maize to peas and groundnuts, twice a day since March. In addition, there is another complementary initiative to train farmers to analyse the information they hear so they can make better decisions. Weather conditions - Typhoons Saola, Damrey and more recently Haikui have brought the heaviest rains to northern and southern provinces along China s eastern coast since the beginning of August. Typhoon Haikui caused economic losses of more than CYN 1 billion (USD 1.57 billion), and damaged about 184,8 hectares of cropland (Xinhua, 8 August 212). - Tropical Storm Saola (Gener) turned into a typhoon on 3 Jul 212. It did not strike the Philippines directly, but brought several days of heavy continuous rains to large parts of the country. Latest figures from the Provincial Disaster Risk Reduction and Management Council reveal that the cost of damages in agriculture is at PHP 847 million (USD 2.2): rice crops at PHP 234 million (USD 5.6); high-value commercial crops at PHP 12 million (USD 286,); and fisheries, PHP 61 million (USD 14.3 million) among others (Government of the Philippines, 12 August 212). From August 212, AP Weekly Monitor team has adjusted the criteria to flag unusual price movements. On a weekly basis, nominal price variations below 5 percent are considered stable. On a monthly basis, nominal price variations below 1 percent are considered stable. On an annual basis, nominal price variations below 25 percent are considered stable. These modifications are also reflected in the price and policy section, as well as the monthly highlights. Over the past week, staple food commodity prices remained relatively stable in most countries except for the following: - Wheat prices in Afghanistan, India and Myanmar increased by 5, 7 and 6 percent respectively. - Chicken prices in Bangladesh were 12 and 1 percent above the levels observed a month and three months ago, respectively. - In Bhutan, rice prices fell by 9 percent from the third to the fourth week of July and were 2 percent below the levels registered a year earlier. - In Lao PDR, glutinous rice prices fell by 12 percent and were 3 percent below the levels observed a month and a year ago. Pork prices dropped by 6 percent and were 13 percent below those observed a month ago. - Finally, in Samoa, taro palagi prices increased by 31 percent from June to July. Taro palagi prices were 82 and 48 percent above the levels observed a year and three years ago, respectively. For further detail, please refer to section on and policy information at country level.

3 Highlights: July 212 Rice (+/-1%) Afghanisthan -.6% Bangladesh Bhutan - 7% Cambodia* - 4% China -.8% India - 3% Indonesia 1.3% Lao PDR** 3.2% Myanmar.3% Pakistan*** Philippines - 1.2% Sri Lanka 1.8% Thailand**** - 9% Viet Nam - 1.4% *Rice mix, **glutinous rice, ***basmati variety, *** *25% brokens International prices of wheat followed a similar trend to those of maize through July, averaging 23 percent higher than in June. Further deterioration of prospects for the 212 wheat crop in the Russian Federation and high maize values underpinned prices. However, in Asia and Pacific Region, nominal wheat prices remained largely stable (+/-1%) in seven out of eight reporting countries. On a month to month basis wheat prices in Myanmar increased by 21 percent. Myanmar imports mainly wheat which is not produced locally. In 212/13 (July/June) marketing year, the imports are forecast slightly above last year s level at around 16 tonnes, in response to increasing demand. International rice prices have remained surprisingly stable, in sharp contrast with trends observed in the maize and wheat markets. In Asia and the Pacific Region, nominal rice prices remained largely stable (+/-1%) in most reporting countries (twelve out of fourteen). An 11 percent increase is observed in Sri Lanka. According to the Department of Census and Statistics of Sri Lanka, food price index alone increased by 7.5 percent on a month-tomonth basis (June-July 12), strongly contributing to a 9 percent inflation increase (all items). According to the Ministry of Industries and Commerce (MoIC) In Lao PDR, a sudden 3 percent drop is observed for the first time since November 21. Wheat (grain/ flour) Maize (+/-1%) Afghanisthan Myanmar 22.6% Philippines -.4% Viet Nam 14.3% Chicken (+/-1%) Afghanisthan 2% Bangladesh 15.7% Cambodia 9.1% China Indonesia 14.3% Lao - 5.2% Thailand - 1.7% Samoa.5% (+/-1%) International fat/oils prices registered a 2 Afghanisthan Bangladesh China 6% 6.4% 1% percent increase during July which has been primarily driven by soyoil, reflecting the tight supply and demand outlook for India - 3.2% soybeans reaching record level prices. Indonesia 1.2% However, in Asia and the Pacific region, Myanmar 21.3% vegetable oils/ cooking oil prices Pakistan - 3% Sri Lanka.1% remained largely stable (+/-1%) in all reporting countries. Export prices of maize increased sharply in the first three weeks of July and remained firm to the end of the month. The increase in July largely reflected continuous deterioration of crop conditions in the main growing areas of the United States, affected by severe drought. Over the past month, nominal maize prices in Asia and the Pacific Region increased in Myanmar and Viet Nam by 23 and 14 percent, respectively; but remained relatively stable in Afghanistan and the Philippines. International poultry prices remained largely stable during June (-1%). Overall nominal chicken prices in Asia and the Pacific Region remained largely stable (+/-1%) in six reporting countries (out of eight). In Indonesia prices increased by 14 percent while in Bangladesh they fell by 16 percent. Vegetable oils (+/-1%) Afghanistan (cooking oil) 3.5% Bangladesh (soybean oil) 1.1% Cambodia (soybean oil) China (soybean oil) -.2% Indonesia (soybean) 4.2% Myanmar (palm oil) 1.2% Myanmar (soybean oil) 5.6% Thailand (soybean oil)

4 Monitoring Model IN FOCUS: THAILAND Movements (rice 25% brokens, Bangkok market) 2 19 Benchmark forecast The benchmark price for August is THB 17.3 (with a benchmark range of THB per kilo), which would represent a 12 percent increase from March 212. Over the past five months, rice prices have been outside the benchmark range 4 times except for June rice prices. If prices follow normal seasonal patterns during the next three months, wholesale nominal prices for rice 25% brokens are likely to increase within a benchmark range of THB per kilo. THB/kg The graph shows that recent price movements have not been in line with those typically observed over the past 7 years. Towards mid-year, when the harvesting of the second crop (dry season) is finished and the sowing of the main season paddy crop is on-going, prices normally increase from May to July by about 3 percent (average past price line), but actual prices (green line) fell by 3 percent instead. From June to July actual prices show a sharp drop of 5 percent compared to a normal 1 percent increase on average past prices. During July, both export and domestic prices have been declining. Yet, they remained higher than Viet Nam and India s export prices. It is likely that the high level of government-held stocks with limited warehouse space and tight credit supply are putting pressure on domestic and export prices. According to USDA, the Government is holding total intervention stocks* of around 13 MMT milled equivalent, above the amount that Thailand exports are expected for this year (7.6 MMT)** Benchmark range Benchmark price (one month in advance) Average past price Actual price June 12 July 12 Aug 12 Sep 12 Oct 12 Technical notes The FAO Monitoring Model is a simple tool designed to assist policy makers, farmers and traders in assessing whether recent price trends are in line with those typically observed in the past. The purpose of the model is to determine whether short-term price movements of a commodity exceed a benchmark which takes into consideration seasonality, inflation and historic variability. The model uses only data on past prices and the consumer price index (CPI) to capture these characteristics. It establishes an expected level of price for the following month along with a range of uncertainty generated by past deviations from expected prices. movements can be interpreted as excessive if prices fall outside the benchmark range. The difference between the actual price and the benchmark price ( in advance) that was forecasted for that * From the paddy pledging program, where the government purchases rice to farmers at guaranteed prices. ** Government Public Relations Department, 3 July 212. same month is also calculated by the model although not shown in the graph. An additional feature of the model is to show the current level of prices relative to an average of past prices during the past four years (adjusted for inflation). For details on the model, please see:

5 and policy information at country level

6 AFGHANISTAN, Kabul (6 August 212) Over the past week, staple food prices in Kabul market were relatively stable except for wheat prices increased by 5 percent from the previous week and were 13 percent above the prices observed a year earlier. AFA / kg weekly data Wheat Maize Rice (local) Chicken Cooking oil 3-Jul-12 1 Week of (AFA/ Rice local Kabul % 1.8% 6.3% 21.2% Wheat Kabul % 13.% 6.6% -.9% Maize Kabul 2..%.% 1.3% -4.8% Chicken Kabul 13..% 2.% 1.% -6.% Cooking oil (AFA/Lt) Kabul 88..% 2.6% 3.5%.4% A mobile miniature biscuit factory has been set up under the pilot Purchase for Progress (P4P) initiative, which aims to bolster the food processing industry in Jalalabad by providing secure markets for farmers (WFP, 27 July 212). in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) Data sources: Ministry of Agriculture, Irrigation and Livestock and World Food Programme (WFP).

7 BANGLADESH, Dhaka (6 August 212) Over the past week, staple food prices in Dhaka market were relatively stable except for chicken prices, which were 12 and 1 percent above the levels observed a month and three months ago, respectively. According to Integrated Regional Information Networks (IRIN), about 2.3 million chickens have been culled as a result of an outbreak of bird flu in 27. There were 171 outbreaks in 211, and 21 so far in 212. BDT / kg weekly data 3-Jul-12 Rice (coarse) Wheat (flour) Chicken boiler Soybean Oil 2 Week of (BDT/ Coarse rice Dhaka % 1.8% 2.7% -12.1% Wheat flour Dhaka 31..% 7.4% 4.2% 24.% Chicken broiler Dhaka % -11.9% -1.2% -16.5% Soybean oil (BDT/lt) Dhaka % 2.5% -.6% 12.3% The government provides price support to farmers through a procurement programme that buys rice and paddy during the Boro season which account for 56 percent of the annual paddy production. The programme started in 3 May with a new procurement target (1 MMT) until 3 September 212. As of 26 July,.5 MMT had been procured and.8 MMT had been contracted (Fortnightly Foodgrain Outlook 1, 31 July 212). in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) Data source: Ministry of Agriculture.

8 BHUTAN, National Average (23 July 212) 8 weekly data Red rice prices fell by 9 percent from the third to the fourth week of July and were 2 percent below the levels registered a year earlier. BTN / kg Red rice 3 Week of (BTN/ Red Rice National av % -7.% -9.1% -2.4% The Renewable Research and Development Centre at Wengkhar launched a Research and Extension Outreach programme to develop farmers capacities and improve rice varieties. Up to now, a total of five improved varieties of rice for low altitudes are being tested (BR 153, Radha, Karjat, Wengkhar Rey Kap 11 and IRL56, Khamtee and Tsirang Zam) (Ministry of Agriculture and Forests, ). in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) Data source: Ministry of Agriculture and Forests.

9 CAMBODIA, Phnom Penh (6 August 212) Wholesale nominal prices Staple food prices in Phnom Penh market have remained stable over the past week. 7, 6, 5, 4, 3, 2, 1, 3-Jul-12 KHR / kg Rice (mix)* Rice milled (Phkar Khney) Rice (Neangminh) Soybean 4 Week of (KHR/ Rice (mix) Phnom Pehn 1,8.% -4.6%.% -14.3% Rice (Phkar Khney) Phnom Pehn 2,7.%.% 8.% 8.% Rice (Neangminh) Phnom Pehn 2,2.%.%.% -4.3% Chicken Phnom Pehn 2,.% -8.% -9.1% -19.2% Soybean oil Phnom Pehn 6,5.%.%.%.% NA in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) Data source: Ministry of Agriculture, Forests and Fisheries.

10 CHINA, Beijing (6 August 212) Retail and wholesale nominal prices Staple food prices in Beijing market have remained relatively stable over the past weeks. CNY/ kg Jul-12 Rice (non-glutinous ) Wheat flour (Fuqiang) Chiken Soybean (RMB/lt) 5 Week of (RMB/ Non-Glutinous Rice Beijing 5.2.% -.5% -1.7% -3.% Fuqiang Wheat Flour Beijing %.7%.% 2.8% Chicken (w) Beijing 14..%.%.% -6.7% Soybean oil RMB/lt Beijing % -.2%.% 3.2% in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) According to the National Bureau of Statistics (NBS), the consumer price index (CPI) increased by 1.8 percent year on year in July, the slowest rate since February 21. Food prices, which account for nearly one-third of the prices used to calculate China's CPI, edged up 2.4 percent in July from a year earlier. Surging vegetable prices were the driving force for the CPI's growth, contributing by 8 percent. Rain and flooding affected vegetable production in many places during the peak supply season (Chinese Government, 9 August 212). Data source: Beijing Municipal Bureau of Grain.

11 INDIA, Delhi (6 August 212) Staple food prices in Delhi market have remained relatively stable over the past week except that wheat prices increased by 7 percent over the past week. INR / kg Rice Wheat 3-Jul-12 6 Week of (INR/ Rice New Delhi % 2.% -1.% 5.8% Wheat New Delhi % 4.9%.% 6.7% According to the 4th advance foodgrain production estimates for , India achieved the highest level ever on foodgrains production with 257 MMT against 245 MMT a year earlier. In particular, record production has been achieved for rice (14.3 MMT), wheat (94 MMT), cotton (35 million bales), and sugarcane (358 MMT) (Public Information Bureau, 17 July 212). in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) Data source: Ministry of Consumer Affairs and Public Food Distribution.

12 INDONESIA, National Average (6 July 212) 1, Staple food prices in Indonesia have remained relatively stable since mid 211, with the exception of chicken prices which were 11 percent above their levels observed three months ago. IDR / kg 8, 6, 4, 2, Rice (medium quality) Wheat flour Soybean (local) 3-Jul-12 7 Week of (IDR/ Rice (medium quality) National av 8,16.2%.9% 1.5% 12.2% Wheat flour National av 7, % 1.1% 1.2% 1.% Chicken National av 27, % 8.4% 1.9% 2.8% Soybean (local) National av 9,73 3.7% 7.9% 8.8% 1.4% NA in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) Data source: Ministry of Trade.

13 LAO PDR, Vientiane (3 July 212) 1, Staple food prices in Vientiane market have remained relatively stable over the past week except that: - Glutinous rice prices fell by 12 percent over the past week and were 3 percent below the levels observed a month and a year ago. - Pork prices dropped by 6 percent from the previous week and were 13 percent below those observed a month ago. LAK / kg 8, 6, 4, 2, Rice (glutinous 2nd quality) Rice (ordinary 2nd quality) 3-Jul-12 8 Week of 3-Jul-12 (LAK/ Rice glutinous Vientiane 4, % -3.2% -3.2% -3.2% Rice ordinary Vientiane 7, -3.%.%.%.% Beef (2nd quality) Vientiane 47, % 5.9% 5.9% 25.4% Pork (2nd quality) Vientiane 28, -6.1% -12.5% -12.5% -17.6% Chicken Vientiane 42, % -5.2% -5.2% 6.7% Lao PDR is on track to complete its WTO accession negotiations after this year s summer break, and the country s membership in the Geneva-based trade body is widely expected to be formalised before 212 (International Centre for Trade and Sustainable Development, 18 July 212). in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) Data source: Ministry of Industry and Commerce.

14 MYANMAR, Yangon and Mandalay (6 August 212) Wholesale nominal prices Staple food prices in Myanmar have remained relatively stable over the past week except ttat: - Wheat prices increased by 6 percent from the previous week and were 36 and 41 percent above the levels observed three months and a year ago, respectively. MMK/kg 3, 2,5 2, 1,5 1, 5 Rice (Manawthukha FQ) Maize Wheat (Monywa Origin) Groundnut oil (Special) Soybean (Theik pan) Palm oil 3-Jul-12 8 Week of 3-Jul-12 (MMK/ Rice (Manawthukha FQ) Yangon 327.%.3% 6.2% -9.9% Wheat (Monywa Origin) Mandalay % 21.3% 35.9% 41.3% Maize Mandalay % 22.6% 39.4% 98.6% Groundnut oil (Special) Yangon 2, % 6.9% 13.6% 24.6% Soybean (Theik pan) Yangon % 5.6% 5.1% 11.5% Palm oil Mandalay 1,69-1.1% 1.2% -6.3% -.5% in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) - A new radio programme funded by the Livelihoods and Food Security Trust Fund (LIFT) has been broadcasting local market prices of crops, from sesame and maize to peas and groundnuts, twice a day since March. In addition, they train farmers to analyse the information they hear so they can make better decisions (Alert Net, 12 July 212). - The Ministry of Health has designated August nutrition month and plan to hold a series of national nutrition-related activities, including provision of vitamin A supplements, tablets to fight tapeworms and awareness-raising about the benefits of iodine (Myanmar Times, 6 August 212). Data source: E-Trade Myanmar.

15 PAKISTAN, Karachi (6 August 212) 75 Staple food prices in Karachi market remained stable over the past week Basmati rice prices were 3 percent higher that those observed a year earlier Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 PKR/ kg Rice (basmati)* Rice (IRRI) Wheat Wheat (flour) 9 Week of (PKR/ Rice (basmati) Karachi 66.5.% -.7% 3.9% 27.3% Rice (IRRI) Karachi % 1.3% 2.8% 9.5% Wheat Karachi % 2.% 2.4% 8.7% Wheat flour Karachi 3.1.6% -2.5% -2.1% 5.4% * NA in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) *M o s t re c e n t p ric e d a ta a v a ila b le fro m J u l-2 12 Data source: Pakistan Bureau of Statistics.

16 PHILIPPINES, National average and Metro Manila (6 August 212) Staple food prices in the Philippines have remained largely stable since early PHP / kg 3-Jul-12 Rice (regular milled) National av Rice (well milled) National av Corn (white) National av 1 Week of (PHP/ Rice (regular milled) National av % -1.3% -.6% 1.1% Rice (well milled) National av %.6%.7% 1.8% Corn (white)* National av 19.7.% -.4% -.3% 1.3% Rice (regular milled) Metro Manila 3..%.%.%.% Rice (well milled) Metro Manila 35..%.%.%.% in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) The Department of Agriculture proposes a medium-term nationwide rural development programme, called the Philippine Rural Development Program (PRDP), initially covering six regions in Luzon and Visayas, in addition to all provinces covered under the current Mindanao Rural Development Program Phase 2 (MRDP2). PRDP will be patterned after the five-year MRDP2. MRDP has been implemented by the DA in partnership with the enrolled local government units (LGUs), and project beneficiaries (Official Gazette, 2 August 212). *M o s t re c e n t p ric e d a ta a v a ila b le fro m J u l-2 12 Data source: Department of Agriculture.

17 SAMOA, National Average (July 211) Staple food prices in Samoan markets were relatively stable over the past month, except for: - Taro palagi prices increased by 31 percent from June to July. Taro palagi prices were 82 percent above the levels observed a year ago. SAT/ kg Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Taro Taro palagi Ta'amu Coconut Banana Chicken (leg quarters) 11 Month of Jul-12 (SAT/ Taro Fugalei % 2.3% 2.2% -28.4% Taro palagi Fugalei % -1.2% 81.6% 47.7% Ta'amu Fugalei % -29.5% 7.1% -17.5% Coconut Fugalei.6-6.9% -1.% 8.% 28.6% Banana Fugalei % 41.2% 84.6% 16.1% Chicken (leg quarters)*national Av 4.6.5% 2.% 6.7% -8.4% 3 years NA in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) Data source: Samoa Bureau of Statistics.

18 SRI-LANKA, Colombo (23 July 212) Staple food prices in Colombo have remained stable during the third week of July. LKR / kg Rice (white) Wheat (flour) 12 NA Week of (LKR/ Rice (white) Colombo % 1.8% 11.3% 4.4% Wheat flour Colombo %.1%.3% 1.1% in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) Data source: Department of Census and Statistics.

19 THAILAND, Bangkok (6 August 212) Overall, staple food prices have remained largely stable over the past week. - Rice prices (25% brokens) were 13 and 26 percent above their levels a month and a year ago. - Pork prices were 14 percent below the prices observed a year ago. THB/ kg Jul-12 Soybean oil White rice 25% (w) 13 Week of (THB/ White rice 25% (w) Bangkok % -8.4% -6.8% 1.9% Chicken Bangkok % -5.% -5.6% -28.9% Pork tenderloin Bangkok % -.8% -5.9% -2.3% Soybean oil (Baht/lt) Bangkok 55..%.%.%.% NA in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) Data source: Ministry of Trade.

20 VIET NAM, Hanoi (6 August 212) 72, Staple food prices in Hanoi were relatively stable over the past week. 6, 48, - Maize prices were 13 and 33 percent above those observed one month and a year ago, respectively. 36, 24, 12, Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 3-Jul-12 VDN/kg Rice (ordinary) Maize Pork 14 Week of (VND/ Rice ordinary Hanoi 13, 4.% 3.1% 2.1% -4.3% Maize Hanoi 12,.% 12.5% 2.% 33.3% Pork Hanoi 5,.% -1.% -2.4% -33.3% According to the Vietnam Food Association (VFA), rice exports from 1st January to 17th July, 212 totalled 3.7 MMT (Agroviet, 25 July 212). in c re a s e d e c re a s e stable (+ /-5 % in a w e e k ly b a si s),(+ /-1 % in a m o n th ly b a si s), a n d (+ /-2 5 % in a n a n n u a l b a si s) Data source: Ministry of Agriculture and Rural Development.

21 Disclaimer and Acknowledgements The Asia Pacific Weekly Monitor is prepared by the Economic, Social and Policy Assistance Group (ESP) of FAO with information from official and unofficial sources. Conditions can change rapidly and information may not always represent the current food price situation as of the present date. None of the country reports should be regarded in any way as statements of governmental views. The designations employed and the presentation of material in this news bulletin do not imply the expression of any opinion whatsoever on the part of the Food and Agriculture Organization of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. This report has been produced with financial assistance from the European Union. The contents of this publication are the sole responsibility of the authors and can in no way be taken to reflect the views of the European Union. The support of FAO Country Offices and FAO's Food and Agriculture Policy Decision Analysis (FAPDA) are gratefully acknowledged for their contributions. To subscribe, please (1) (2) leave the subject blank, and (3) type subscribe Food-Asia-L