Myanmar and Bangladesh have signed a governmental agreement to export 300,000 tonnes of rice, according to the Myanmar Rice Federation (MRF).
“They wanted to buy 1 million tonnes of rice but we advised them to buy 300,000 tonnes of rice. The agreement was signed by officials from our Ministry of Commerce and the Ministry for Food from Bangladesh,” said Vice Chairman Dr Soe Tun of the MRF.
“The business will be conducted by the MRF and private companies. No fixed price is included in the agreement. We expected the exports will start in December. We cannot start rice exports now. We will negotiate to fix the price to be level with the market price. We will export Emata rice mainly,” he said.
Similarly, Sri Lanka is in discussion to buy 500,000 tonnes of rice this year with 200,000 tonnes of parboiled rice and 300,000 tonnes of white rice.
The National Food Authorities of Philippines has made similar arrangements.
Myanmar exported over 1 million tonnes of rice and broken rice this fiscal year until the first week of August, 620,000 tonnes more than the same period last year.
Myanmar has earned about US$300 million from rice exports this fiscal year until the first week of August compared to about US$135 million last year.