Myanmar rice exports surpass US$712 mln in 11 months

Myanmar’s rice and broken rice exports amounted to US$712 million from over 1.42 million tonnes in the past 11 months of the current financial year 2023-2024 beginning 1 April, comprising 1.343 million tonnes by seaborne trade and over 85,000 tonnes through land borders, as per the Myanmar Rice Federation (MRF).
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 and 262,116 tonnes worth $139 million in February.
Therefore, the rice export volume recorded the highest in February, followed by January and December. The figures showed a drop in June, July and August.
The federation aims to achieve 2.5 million tonnes of rice export in the current FY, expecting to earn $1 billion.
The federation aims to achieve rice exports of 2.5 million tonnes in the current FY, generating earnings of US$1 billion.
Thus, Myanmar’s rice exports fall short of the target. The Central Bank of Myanmar’s monetary policy to control export earnings impeded rice exports, hurting exporters financially. The El Nino weather condition also hampered rice export, the president of the Myanmar Rice Federation affirmed.
Myanmar exported 2,261,203 tonnes of rice and broken rice to foreign trade partners in the past 2022-2023 FY (April-March), with an estimated value of $853.472 million.
Myanmar bagged over $809.135 million from approximately 2.164 million tonnes of rice export in the 2021-2022 FY (April-March). — NN/EM