Rice and broken rice exports in first half-month of 2023–2024 FY drop

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Bags of rice being uploaded onto vessel for export purpose at the wharf.

In exports of rice and broken rice during the first half-month of April in the 2023-2024 financial year, Myanmar earned a higher price than the same period in 2022-2023 FY, but the export tonnages as well as the export earnings decreased, according to the announcement.
The foreign market prices per tonne of rice and broken rice rose from US$334.12 and $307.32 in the 2022-2023 FY to $450.1 and $379.27 in the 2023-2024 FY, respectively.
During the first 14 days of the 2023–2024 FY, a total of 44,062.5 tonnes of rice and rice products worth US$18.259 million were exported abroad. Likewise, in the same period of the 2022–2023 FY, a total of 109,616.4 tonnes of rice and rice products valued at US$35.429 million were shipped.
Therefore, despite the increase in the foreign market price, in the first 14 days of this financial year, the export of rice and rice products decreased by 65,553.9 tonnes, which was worth US$17.17 million less than the same period of the previous year.
In the financial year 2023-2024, 2.5 tonnes of rice and rice products will be shipped abroad, aiming to earn US$1 billion as foreign export revenue, the Myanmar Rice Federation announced. Exports of rice and broken rice to foreign countries will be reportedly limited to 150,000 tonnes per month in order to stabilize the domestic rice price and prevent shortages. — TWA/CT

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