Maritime rice exports cross 1 mln tons in current financial year

LOCAL NEWS

Myanmar’s maritime trade accounted for 86.4 per cent of the total rice exports and generated an estimated income of US$313 million as of 14 February in the current financial year, as per data from the Myanmar Rice Federation (MRF).
The volume of rice shipped via sea trade exceeded 1 million tons in the current fiscal.
Earlier, border trade was relatively high compared to sea trade in terms of rice exports. Since the previous financial year, rice trade via the border has dropped, and currently, it accounts for just 13.58 per cent of the total rice exports. Rice exports through the border gates have generated an estimated $44.47 million in the current financial year.
The volume of rice and broken rice exported between 1 October and 14 February in the 2019-2020 financial year has been estimated at over 1.2 million metric tons, worth $357.6 million, according to an announcement from the Myanmar Rice Federation.
In the current financial year, Myanmar has shipped rice to 59 foreign markets.
China is the main buyer of Myanmar rice, followed by Madagascar and the Philippines. Guinea is the fourth-largest buyer and Malaysia the fifth-largest buyer of Myanmar rice. The European Union countries account for over 14.84 per cent of rice exports, while 37.55 per cent of rice grown in Myanmar goes to African countries.
In the current fiscal, Myanmar has exported broken rice mostly to Belgium, followed by Indonesia, Senegal, Guinea, and the Netherlands. Broken rice has been placed in 52 foreign markets.
“At present, Myanmar’s rice is highly demanded in the international market amid COVID-19. Foreign buyers are offering a higher price,” said an MRF official.
The prevailing market price of rice in the country has risen by 15-30 per cent compared with during the harvest time of monsoon paddy, according to the Bayintnaung rice depot.
Myanmar shipped 3.6 million tons of rice in the 2017-2018 fiscal year, which was an all-time record in rice exports. The export volume plunged to 2.29 million metric tons, worth $691 million, in the 2018-2019FY. —Mon Mon (Translated by Ei Myat Mon)

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