Myanmar’s rice export volume skyrockets

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Farmers work at a field in Kangyidaung, Ayeyawady. Photo: GNLM/Phoe Khwar

The agricultural sector is the lifeblood of Myanmar. Myanmar was the world’s largest exporter of rice in the mid 20th century.
Being an agrobased country, Myanmar’s major exports are agricultural products and rice is one of them. More than 75 per cent of total rice production is comsumed in the country where over 70 per cent of the total population reside in rural areas and surplus rice volume is being exported to foreign countries.
Myanmar’s rice exports have risen to their highest level in 55 years in the current 2017-18 fiscal year (From April to February), with rice and broken rice exports estimated to have increased to more than 3 million tones, earning US$ 949 million, 1.39 million tons of rice worth US$ 406 million was shipped by sea. In addition, 1.633 million tons of rice valued at US$ 543 million was exported to neighboring countries via border trade routes.
Myanmar exported about 1.24 million tons of rice and broken rice in the previous fiscal year and fetched US$ 405 million, amounting to 1.78 million tons of rice and US$ 544 million in the current fiscal year. Myanmar has seen a dramatic increase in agricultural exports, earning US$ 2.542 billion in the current financial year.
Myanmar’s rice and broken rice are mostly exported to 62 countries including China, Bangladesh, West African countries, Belgium and Sri Lanka, up from 40 countries compared to the previous year. Myanmar is looking to become one of the world’s top three rice exporters in the next few years.

 

Myanmar Digital News

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