The rice and broken rice exports in the past two months were valued at US$164 million, with the export volume being over 478,300 metric tonnes, according to an announcement of the Myanmar Rice Federation (MRF).
Between 1 April and 1 June 2018, over 369,700 metric tonnes of rice were exported to 35 countries, while 108,500 metric tonnes of broken rice were shipped to 13 foreign countries. The border trade surpassed sea trade, accounting for 53.7 per cent of the total export. The export through the border checkpoints earned an estimated $91.5 million, whereas the sea trade saw an income of $72.6 million.
The main challenges in the rice industry are pedigree seeds, high input costs, high production costs, the lack of technology, high transaction costs and logistic problems, said an expert.
Last year, there were only 29 foreign rice buyer countries. Myanmar’s rice is now shipped to over 45 countries through the sea route.
Rice is the chief export among the country’s agriculture products. 75 per cent of the production is for domestic consumption and the remaining is exported. In the last 2017-2018 fiscal year, 3.6 million tonnes of rice and broken rice worth $1.13 billion were exported to foreign countries.