Site icon Global New Light Of Myanmar

Agro exports soar to $4.6 bln in 2020-2021FY

IMG20210101170742 picsay mk

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 agricultural exports jumped to US$4.6 billion during the last financial year 2020-2021, despite the downward trend in other export groups, as per the statistic of the Ministry of Commerce.
The figures reflect an increase of $897 million last FY. The agro exports topped $3.7 billion in the corresponding period of the 2019-2020FY, according to the trade figures released by the Ministry of Commerce.
The agricultural exports surged even though the main trade partner China shut down all the borders in the wake of the COVID-19 surge in Myanmar.
The coronavirus pandemic impacted the foreign demand for other export groups; agricultural products, fishery, livestock, mineral, forest products, finished industrial goods and other goods.
In the exports sector, the agriculture industry performed the best, accounting for 37 per cent of overall exports. The chief items of export in the agricultural sector 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, 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 working to help farmers deal with challenges such as high input costs, procurement of pedigree seeds, high cultivation costs, and erratic weather conditions. — KK/GNLM

Exit mobile version