Myanmar earns over $ 542 mln from rice export as of 15 May

Photo Tin Zar Hlaing 0
Farmers packaging the rice bags at a warehouse in Yangon. Photo: Tin Zar Hlaing

The volume of exported rice and broken rice between 1 October and 15 May in this fiscal 2019-2020 is estimated to have reached nearly 1.9 million tonnes which is worth over US$542.9 million, according to the official data released by the Ministry of Commerce.

During the period, over 1.25 million tonnes of rice worth more than $374.3 million were exported to 62 countries while more than 643,722 tonnes of broken rice worth over $168.6 million were exported to 53 countries.

Myanmar exports rice through the border and via maritime trade. Myanmar’s rice goes to China through the Muse border and to EU and African markets through a maritime trade route. China is the main buyer of Myanmar rice, followed by Madagascar and the Philippines. Guinea is the fourth-largest buyer while Malaysia is 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.

“At present, Myanmar’s rice is highly demanded in the international market amid coronavirus pandemic. Foreign buyers are offering a higher price,” said an MRF official.

The export value of rice and broken rice via border trade route reached more than $78.08 million accounting for 14 per cent of total rice export value. The export value of rice and broken rice via maritime trade route hit $470.8 million, accounting for 85 per cent of total rice export value. —Aye Cho (Translated by Hay Mar)

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