Feb 16, 2013

Myanmar rice export hits record high

The Commerce Ministry expects the volume of rice export will hit the highest in 60 years with metric tonnes of 1.5 million for this year.

Myanmar rice has been exported over 1.2 million metric tonnes within ten months of this fiscal year 2012-13. The ministry hopes to export another 300,000 metric tonnes before the closing of this fiscal. Myanmar measures April 1 to March 31 as the country fiscal year.

Myanmar rice exporting has been down after 1956. Before that year, Myanmar exported average over one million metric tonnes annually.

Last year Myanmar exported about 800,000 metric tonnes and this year export volume has increased to almost two-fold.

The ministry said, as of today, Myanmar earns US$500 million from rice export for this year and expects to be over US$600 million when the fiscal year is ended this March.

Myanmar will increase the export volume incoming years to meet the high demand of Japanese and European buyers. Myanmar is exporting with the price of US$400 per tonnes for rice.

Despite the high record for the country, Myanmar export volume is still down on the list compared to regional countries. Thailand has been exporting average over 10 million metric tonnes of rice annually followed by the Vietnam with 7 million tonnes a year.

Source: Eleven Media Group