Aug 22, 2014

Rice exports up 25% on demand from Russia

Rice exports have risen more than 25 per cent in value so far this fiscal year, according to the latest figures from the commerce ministry which show that US$196 million worth of rice has been exported between April 1 and August 15.

The figure shows a rise of $57 million from the same period in the last fiscal year, the ministry said, attributing the rise to increased demand for steamed rice from Russia.

"Many shipments of steamed rice are going to Russia. There are also shipments to Europe as the GSP [generalized scheme of preferences] duty and quota free access has been offered,” a ministry official said. The official said exports by volume this fiscal year reached 530,000 tonnes as of August 15.
“Rice exports are rising in terms of revenue and value,” the official said.

Rice exports rose to 1.33 million tonnes worth $528 million in fiscal year 2012-13, but dropped to 1 million tonnes last fiscal with a value of only $380 million.

On August 1, China started seizing rice imported from Myanmar in Ruili Township, causing a freeze in official exports through the Muse border checkpoint in Shan State.

Officials from both countries are discussing a new trade agreement that will allow China to import rice from Myanmar. Myanmar exports rice to Russia, Europe, Japan and the Middle East.

Source: Eleven Weekly Media