Rice export earnings decline by over 200 million in nearly nine months

Rice export earnings decline by over 200 million in nearly nine months
 Bayintnaung brokerage center.
Bayintnaung brokerage center.
Published 13 January 2019

From April to December, 2018, Myanmar earned about USD 578.807 million from the exports of 1.717 million tons of rice, down more than 210.975 million USD compared with the same period last year, according to the figures released by Myanmar Rice Federation (MRF).

In the same period in 2017, Myanmar exported 2.542 million tons of rice, earning USD 789.780 million.

Myanmar exports rice via sea route and Muse 105th mile border trade camp.

Thanks to the expansion of rice market in 2017-2018 fiscal year, Myanmar’s rice exports hit 3.6 million tons of rice. This is the record-breaking rice export volume within more than 50 years.

Ye Min Aung, General Secretary of Myanmar Rice Federation said: “Relying on one or two markets alone may increase the risks for us. Thanks to the exploration of new markets, the MRF can expand the rice market from 40 to more than 60 countries, We have prioritized the quality of rice, he added.

The EU is preparing to temporarily withdraw the GSP rights on above 16 mm-long rice, for three years, according to the MRF. The EU’s plan is aimed at protecting the interests of its member countries, Italy and Spain which produce long rice.