Agro exports soar to $2.95 bln in current FY

The agricultural exports have topped US$2.95 billion as of 2 April 2021 in the current financial year since 1 October 2020. According to the Ministry of Commerce, the figures reflect a significant rise of $809.8 million this FY, according to the trade figures released by the Ministry of Commerce.
The agro exports were registered $2.14 billion in the corresponding period of the 2019-2020 FY.
The agricultural exports unexpectedly surge regardless of the coronavirus’s impact on foreign demand for other export groups and political changes.
At present, some ocean liners suspended cargo transport from Myanmar in recent days. The cargo transport will double or triple if we conduct the trade with small ships. It could harm the export sector somehow, according to Myanmar Mercantile Marine Development Association.
However, Myanmar’s border trade with China is steadily conducted. Around 1,000 trucks are daily seen flowing in and out of the Muse, a central cross-border post between Myanmar and China, the traders said.
Myanmar is daily shipping rice, broken rice, green grams, peanuts, various pulses and beans, onion, chilli, fishery products, consumer goods, watermelon and muskmelon to China with over 700 trucks. Meanwhile, building materials, electric appliances, medical devices, consumer goods, and fertilizer are imported daily with 200 trucks.
The closure of private banks forced the traders to turn to the operators running ‘hundi’, an informal money transfer system, in order to make transactions in the border trade.
In the exports sector, the agriculture industry performed the best, accounting for over 22 per cent of overall exports. The chief export items in the agricultural industry are rice and broken rice, pulses and beans and maize. Fruits and vegetables, sesame, dried tea leaves, sugar, and other agro products are also shipped to other countries.
Myanmar agro products are primarily exported to China, Singapore, Malaysia, the Philippines, Bangladesh, India, Indonesia, and Sri Lanka. Sometimes, the export market remains uncertain due to unsteady global demand.
The country requires specific export plans for each agro product. They are currently exported to external markets based upon supply and demand. Contract farming systems, regional and state agriculture departments, exporters, traders, and some grower groups must meet production targets, said an official from the Agriculture Department.
The Commerce Ministry is working to help farmers deal with such challenges as high input costs, procurement of pedigree seeds, high cultivation costs, and unpredictable weather conditions. – HH/GNLM

Share this post
Hot News
Hot News
Team Myanmar holds draw in friendly match against Chinese Sichuan FC
MoNREC designates Gahe II as protected public forest
Action taken against 1,263 YBS buses driving in city for undisciplined acts within two months
Seek incomes for the nation and the people in gems emporia
Abundant supply of peanut pushes down peanut oil price to K12,000 per viss
Red pigeon pea fetches K2.4 million per tonne within a day
DPM MoTC Union Minister inspects riverbank erosion prevention works in Nyaungdon, Lemyethna
Opening of concrete bridge, beach resort honours 49th Anniversary of Mon State Day
SAC member Deputy Prime Minister and Union Minister for Defence attends 49th Mon State Day celebration
58th Myanma Gems Emporium continues for third day