Rice export through sea trade up by $182.28 mln in current fiscal

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Workers spread paddy to dry under the sun at a field in Nay Pyi Taw:  Photo: AFP

Myanmar’s maritime trade constituted 86.39 per cent of rice exports and generated an estimated income of US$515.845 million as of 5 June in the current fiscal year, as per the Myanmar Rice Federation (MRF) data.
The figures reflect an increase of $182.287 million compared with a year-ago period.
Earlier, border trade was relatively high compared to sea trade in terms of rice exports. Since the previous financial year, border trade has dropped, and currently, it accounts for just 13.61 per cent of the total rice exports. Rice exports through the borders have generated an estimated
$75.407 million in the current financial year, which plunged from $163.144 million registered in the corresponding period of last year.
Myanmar primarily exports rice to China through the borders. However, the trading in agricultural products has been halted on account of China clamping down on illegal trade and China’s precautionary measures to contain the spread of coronavirus.
With the growing demand from foreign countries, the export price of rice is up by $10-15 per tonne in recent day. However, it is difficult to ship rice in the rainy season, said traders from Bayintnaung market.
The volume of rice and broken rice exported between 1 October and 6 June in the 2019-2020 fiscal year has been estimated at over 2 million metric tonnes, worth over $591 million, according to an announcement from the MRF.
In the current financial year, Myanmar has shipped rice to 65 foreign markets.
China is the main buyer of Myanmar rice, followed by Madagascar and Malaysia. The Philippines is the fourth-largest buyer and Cote D’Ivoire the fifth-largest buyer of Myanmar rice. The European Union countries account for over 19 per cent of rice exports, while 33.34 per cent of rice grown in Myanmar goes to African countries.
In the current fiscal, Myanmar has exported broken rice mostly to Belgium, followed by Senegal, China, Indonesia and the Netherlands. Broken rice has been placed in 57 foreign markets.
Myanmar shipped 3.6 million tonnes of rice in the 2017-2018 fiscal year, which was an all-time record in rice exports. The export volume plunged to 2.29 million tonnes, worth $691 million, in the 2018-2019FY. — GNLM  (Translated by Ei Myat Mon)

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