Rice export earnings hit over $ 280 million

Writer: 
Zeyar Nyein

 

From April 1 to August 2 of the mini budget year, Myanmar earned US$ 288.986 million from exports of 833,663.820 tonnes of rice and broken rice according to Myanmar Rice Federation.

Exports of 363,878.420 tonnes of rice and broken rice via sea routes hit US$ 121.121 million and exports of 469,785 tonnes via border route, US$ 167.865 million.

Thanks to the market expansion in 2017-2018 FY, Myanmar exported 3.6 million tonnes of rice. This is the largest export volume in 50 years.

Border trade accounted for more than 70 per cent of the total rice export and marine trade, for nearly 30 per cent. In 2017-2018 FY, rice export via sea routes increased to 48 per cent.

Last fiscal year, Myanmar was on the list of five top rice exporting countries. In 2018-2019 FY, rice export will hit its target only when the country can export rice to China via border area, according to the MRF.

Lu Maw Myint, Joint General-Secretary of the MRF said: “Rice export via sea route is normal and remains unchanged. China’s rice imports depend on its minimum support price.”