Rice export earnings hit over $ 1.11 bln in 2017-2018 FY

Writer: 
Nilar
A rice brokerage center in Bayintnaung. (Photo-Zeyar Nyein)

 

Till the third week of March this fiscal year, Myanmar has earned over US$ 1.11 billion from the exports of 3.5 million tonnes of rice and broken rice to 57 countries. Nearly half of rice and broken are exported via sea route, according to Myanmar Rice Federation (MRF).

From April 1 to March 23 of 2017-2018 FY, it earned US$ 953.704 million from exports of 1889317.422 tonnes of rice to 57 countries and US$ 160.097 million from exports of 620696.245 tonnes to 33 countries.

Border trade accounts for 1811747.627 tonnes worth US$ 607.203 million while sea trade represents 1698266.070 tonnes worth over US$ 506 million, according to the MRF.

Last year, the border trade accounted for 70 per cent of the total export and the sea trade for 30 per cent.

Thanks to the extension of rice market this year, the rice export via sea route has increased to 48 per cent.

The rice export is expected to earn US$ 1.5 billion from exports of four million tonnes of rice during the coming three years, according to the MRF.

In 2017-2018 FY, the rice exports can be explored to 62 countries, according to the Ministry of Commerce.

Ye Min Aung, general-secretary of the MRF said: “Thanks to new markets, the country has good prospects to export rice in the coming fiscal years.”

In 1956, 1957, 1959 and 1960, Myanmar exported one million tonnes of rice, the highest export volume.