Myanma Timber Enterprise (MTE) will sell more than 5,700 tonnes of logs and sawn timber through an open tender system.
“At present more than 300,000 tonnes of timber have been sold out to Myanmar businessmen. According to the open tender system, the person who offers the highest price can buy the timber. Some businessmen saw the logs up and sell them locally. Some export the timber. The MTE has earned Ks 70 billion from the sale of timber so far this financial year,” an official at the MTE said.
The MTE estimated that 60,000 tonnes of teak will be extracted this financial year but the capacity of the teak may be less than expected.
The government suspended the export of logs in April 2014. Myanmar earned US$947.8 million from forest products, including teak and hardwood in the 2013-14 financial year, according to trade statistics.
Myanmar earned US$916.4 million from the export of wood via water transport and US$31.4 million through land borders.
It has earned US$638.4 million from the export of teak logs and US$31.6 million from the export of sawn teak so far this financial year.