More than US$720 million has been earned from export of fishery products over the past nine and a half months exceeding US$106 million compared to the same period of last year, according to data from the Ministry of Commerce. 

US$722.751 million was earned from fishery export from October 1 to July 10 in the current 2019-2020 financial year. In the same period of last fiscal year, US$616.275 million was earned, so this year saw an additional US$106.476 million. 

Deputy Commerce Minister Aung Htoo said fishery export value would hit US$1 billion yearly if domestic farming capacity could improve. 

In the fourth year of the current government’s term, over US$730 million was earned from export of fishery products such as fish and prawn. 

“As freshwater and seawater fish farming improves, we could export fisher products worth about US$732 million in that year,” the deputy minister said. 

Myanmar needs to try hard to compete with her neighbouring countries in exporting fishery products, according to the Fisheries Department. 

During the 16th meeting between Vice President (1) and businesspersons held in May 2018, Htay Myint, president of Myanmar Fisheries Federation, said modern fish farms, fish feed factory and cold storage factories would be built in cooperation with experts from Indonesia, Taiwan and China to be able to earn about US$3 billion from fishery export.