Oct 16, 2013

Myanmar earns US$280m from marine exports in six months

Myanmar earned about US$280 million (Ks 271.88 billion) from exporting more than 160,000 tonnes of marine products during the first half of the 2013-14 fiscal year, according to reports from the Department of Fisheries.

Myanmar has set a target of $700 million for marine exports by the end of this fiscal year. The current earnings are still far from hitting the target.

The main reason behind the shortfall is an unexpected slump in the amount of overseas marine exports. Through overseas trade routes, Myanmar exported 75,000 tonnes of marine products between April and September. It earned $135 million in half a year, falling behind its target of $440 million by year’s end.

In terms of the border trade in marine products, Myanmar earned $144 million from exporting more than 92,000 tonnes. The country is aiming at $260 million for this year.

During the same period last year, Myanmar earned $303 million from marine exports. The current earnings of $280 million mean that production and trading marine goods have significantly decreased this year.

An official from the Fisheries Department has attributed this to higher costs in production and a decline in fishery resources in the seas.

Source:Eleven Weekly Media