Myanmar ships over 177,000 tonnes of corn in Oct

MYANMAR’s corn exports to foreign countries generated revenue of more than US$53 million from over 177,000 tonnes in October, according to the Ministry of Commerce.
Myanmar delivered 174,970 tonnes of corn worth $52.377 million to foreign countries by sea, while 2,870 tonnes of corn worth $0.855 million were sent to neighbouring countries via the cross-border routes.
Myanmar shipped corn to the Philippines (85,860 tonnes), Viet Nam (71,110 tonnes), Bangladesh (over 13,500 tonnes), 3,000 tonnes (Sri Lanka), China (780 tonnes), Malaysia (over 600 tonnes) and Hong Kong (nearly 100 tonnes) by sea.
The FOB price of corn was $290-310 per metric ton, according to the Bayintnaung Commodity Depot.
The prices of corn move in the range between K1,110 and K1,130 per viss.
Myanmar shipped corn to Viet Nam and the Philippines by sea, according to Myanmar Corn Industrial Association.
A total of 112 companies have been given the go-ahead for maize export and some companies commence exporting, said U Aye Chan Aung, chair of the association.
Thailand gives green light to corn imports under zero tariff (with Form-D), between 1 February and 31 August. However, Thailand imposed a maximum tax rate of 73 per cent on corn imports to protect the rights of their growers if the corn is imported during the corn season of Thailand.
The directive released on 30 June said that transactions for the exports of agricultural products including corn, rice, bean and oil crops are to be made in dollars instead of Yuan-Kyat/Baht-Kyat.
Therefore, the export earnings of the corn have to be exchanged for US dollars according to the reference rate of the Central Bank of Myanmar (K2,100), making the traders tough financially.
Nonetheless, there is a large gap between the regulated rate and the unauthorized rate of the US dollar (over K3,000).
Myanmar exported 2.3 million tonnes of corn to foreign trade partners in the 2020-2021 financial year. The majority of them were sent to Thailand and the remaining went to China, India and Viet Nam.
At present, corn is cultivated in Shan, Kachin, Kayah and Kayin states and Mandalay, Sagaing and Magway regions. Myanmar has three corn seasons winter, summer and monsoon. The country produces 2.5-3 million tonnes of corn every year. — NN/GNLM