Myanmar ships over 6,700 tonnes of soybean as of 20 Aug

LOCAL NEWS

MYANMAR has conveyed over 6,175 tonnes of soybean, with an estimated value of US$3.64 million to the external market as of 20 August in the current financial year 2020-2021 since October, the Ministry of Commerce stated.
The soybean prices range between K99,000 and K110,000 per bag per 60-viss bag (a viss equals 1.6 kg) on the back of strong demand from border markets.
The soybean stood only at K68,550 per bag in January-end. The high foreign demand drove the price up to above K80,000 per bag in early June, and thereafter, the price has been on a gradual rise.
Normally, Myanmar sends soybean to China through the Muse border post. In addition to the China market, Myanmar’s soybeans are also delivered to Thailand to a smaller extent. It is also shipped to India through maritime trade. Soybeans are used for oil, animal feed and other non-food industrial products.
The biggest challenge of Myanmar’s soybean production is the decline in the number of soybean acres in the previous years. Between the 2013-2014FY and the 2018-2019FY, over 40,000 acres of soybean farms dropped. Quality seeds play a pivotal role in soybean production, extraction of oil from soybean and value-added production.
Myanmar’s soybean sector needs technical support for pre-harvest diseases and post-harvest losses, along with market exploration, the ministry stated.
The growers turn to soybean due to the market potentials. There are over 360,000 acres of soybean in Myanmar in the 2019-2020 financial year, which is up from over 340,000 acres registered in the 2018-2019FY.
Myanmar’s soybean export is remarkably increasing year over year. The country exported over 1,700 tonnes of soybean in 2016, 2,000 tonnes in 2017, over 7,000 tonnes in the 2018-2019 budget year. —Mon Mon/GNLM

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