Indonesia leading importer of Myanmar rice in FY 2023-2024

Indonesia is registered as the top rice importer of Myanmar, with over 370,000 tonnes of rice and broken rice in the past financial year 2023-2024 (April-March), Myanmar Rice Federation (MRF) stated.
China followed it with 259,000 tonnes and Belgium with 200,000 tonnes, the Philippines with over 143,300 tonnes, Spain with over 69,000 tonnes, Poland with over 58,400 tonnes, Viet Nam with over 51,100 tonnes, the Netherlands with 43,600 tonnes, Malaysia with 38,700 tonnes, Cote D’Ivoire with over 32,400 tonnes and Cameroon with 28,600 tonnes.
The MRF is projected to achieve 2.5 million tonnes of rice export in FY 2023-2024, generating earnings of US$1 billion. However, rice exports fell short of the target, with over 1.68 million tonnes worth over $845 million.
The Central Bank of Myanmar’s monetary policy to control export earnings hindered rice exports, hurting exporters financially. Moreover, the El Nino weather condition also hampered rice export, the chairperson of the Myanmar Rice Federation affirmed.
The export volumes were registered at 87,648 tonnes worth $36 million in April 2023, 110,706 tonnes worth $48 million in May, 62,725 tonnes worth $28 million in June, 58,334 tonnes worth $26 million in July, 59,971 tonnes worth $28 million in August, 84,773 tonnes worth $42 million in September, 119,526 tonnes worth $63 million in October, 175,990 tonnes worth $90 million in November, 195,829 tonnes worth $99 million in December, 213,605 tonnes worth $111 million in January 2024, 262,116 tonnes worth $139 million in February and 257,037 tonnes worth $133 million in March respectively.
Therefore, the rice export volume recorded the highest in February, followed by March and January. The figures showed a drop in June, July and August.
The value of Myanmar’s rice and broken rice exports exceeded US$845 million from over 1.68 million tonnes in the FY 2023-2024, comprising 1.59 million tonnes by seaborne trade and over 89,000 tonnes at border.
Myanmar exported 2,261,203 tonnes of rice and broken rice to foreign trade partners in the 2022-2023 FY (April-March), with an estimated value of $853.472 million. China is the primary importer of Myanmar’s rice, with over 775,000 tonnes, followed by Belgium, which has over 323,000 tonnes; Bangladesh, which has over 239,000 tonnes; and the Philippines, which has over 202,000 tonnes. — NN/EM