Over $180m earned from two months of rice export

Zeyar Nyein

Myanmar has earned over US$180 million from exporting over 500,000 tons of rice over the past two months, according to Myanmar Rice Federation (MRF).

From April 1 to June 8 this year, 528,400 tons of rice was exported, earning US$181.12 million. Of the total amount, 278,000 tons of rice worth about US$100 million was exported via border trade routes and 249,800 tons worth about US$82 million via maritime trade routes.

Lu Maw Myint Maung, joint general secretary of MRF said rice export through borders declined in April and May as China reduced minimum support price (MSP).

"Maritime trade is regular. In April and May, border rice export declined because China reduced their MSP. They also reportedly have rice reserves," he said.

Myanmar exported to 50 countries within two months. In previous years, rice export through border peaked at 70 percent and maritime export at 30 percent.

Thanks to the extended international market in 2017-2018 fiscal year, export of rice through maritime trade route increased to 48 percent. In the same year, 3.6 million tons of rice was exported reaching record high in over 50 years.

According to MRF, rice export target is expected to hit 4 million tons of rice in 2020-2021 FY with an earning of US$1.5 billion.