As Chinese currency declines in the world financial market, rice produce from Yangon and Ayeyawaddy Region when exporting via Muse 105 mile wholesale market, Myanmar got less profit according to director Tin Ye Win, in charge of Muse 105 mile wholesale market.
“Depending on the currency exchange rate and the transportation routes, profit varies. For example, if the rice merchants transport from Yangon or Ayeyawaddy regions, transportation charges are higher as the route is long. But, if the rice is transported from Magway or Shwebo region, there is less transportation charges and profit is more than from Yangon or Ayeyawaddy,” said director Tin Ye Win.
He added that analysis has been continually carried out.
“We have calculated currency exchange rate and rice prices of April and May recently,” he said.
Myanmar, when exporting rice to other counties, uses both border trade routes and water ways. Export from border trade routes is more than half the amount of total export.
2017-2018 FY, as there is increase market in abroad, export from waterways have increased and reached 48 percent of total export.
Myanmar is expected to export 4 million tonnes of rice in coming 3 years and hope to earn US $ 1.5 billion according to Myanmar Rice Federation.