December 19, 2016

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Fishery exports continue to fall despite dollar’s strength: MFF

 A woman checks a pile of fish at Kyimyindine Baho Sanpya Fish Market in Yangon. Myanmar’s  earnings from marine exports fell to around $400 million in the previous fiscal year from more than $500 million the year earlier, an MFF official says. —Photo: Credit to Xinhuanet.com
A woman checks a pile of fish at Kyimyindine Baho Sanpya Fish Market in Yangon. Myanmar’s earnings from marine exports fell to around $400 million in the previous fiscal year from more than $500 million the year earlier, an MFF official says. —Photo: Credit to Xinhuanet.com

Yangon, 14 July — The recent strength of the U.S. dollar has brought little relief to Myanmar’s fishery sectors, with exports continuing to fall, a senior official of the Myanmar Fisheries Federation said Tuesday.
“The strengthening U.S. dollar has brought no joy to the sector,” MFF senior vice chairman U Hnin Oo told The Global New Light of Myanmar at the federation’s regular meeting.
The vice-chairman estimated the value of this year’s marine exports to be $250 million below the peak year.
According to the MFF, the country’s fishery exports earned only $420 million in the past fiscal year, down roughly $100 million from the preceding 12 months.
Fishery producers and exporters want exchange rate stability, MFF general secretary U Win Kyaing said.
He recounted a situation in which the dollar decreased from K1200 to K680 a few months before November 2010, when the previous general election was held. The sector saw significant losses as its production costs had been based on the stronger dollar.
“At present, the different situation with the stronger dollar is being seen before the election which is set for November 2015,” he said.
A repeat of the 2010 turmoil needs to be avoided, added the general secretary, calling for an exchange rate that benefits both producers and exporters.
A stronger dollar benefits the fishery export sector only in the short term, as inputs such as raw materials and fuel are paid in dollars, said U Tun Hein, chairman of the Myanmar Fishery Products Processors and Exporters Association.
Following the reference foreign exchange rate of K1,200 to a dollar by the Central Bank of Myanmar on Monday, the dollar was trading from 1245 to 1260 in the market on Tuesday.— GNLM

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