Agricultural export value contracts by $576 mln as of 11 Feb

The value of agricultural exports shrank to US$1.56 billion as of 11 February in the current mini-budget period (Oct 2021-March 2022), indicating a significant drop of $576.9 million as against the year-ago period, as per the statistic of the Ministry of Commerce.
The agro exports topped $2.14 billion in the corresponding period of the 2020-2021FY.
Following the closure of Sino-Myanmar border posts triggered by COVID-19 impacts and changes in China’s Customs regulations, the export sees a drastic drop in the agriculture sector this year.
At present, some border posts are operating trade activities on a trial run.
Myanmar agro products are primarily exported to China, Singapore, Malaysia, the Philippines, Bangladesh, India, Indonesia, and Sri Lanka.
The country requires specific export plans for each agro product, as they are currently exported to external markets based upon supply and demand. The G-to-G pact also ensures a strong market for the farmers.
Contract farming systems, involvement of regional and state agriculture departments, exporters, traders, and some grower groups, are required to meet production targets, the Agriculture Department stated.
The Commerce Ministry is endeavouring to help farmers deal with challenges such as high input costs, procurement of pedigree seeds, high cultivation costs, and erratic weather conditions.
The agricultural exports jumped to US$4.6 billion in the last financial year 2020-2021, despite the downward trend in other export groups. — KK/GNLM