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August 08, 2020

Fishery exports reach $733.8 mln as of 17 July

Marine products of Myanmar account for six per cent of overall export earnings. PHOTO: (Than Htat)
Marine products of Myanmar account for six per cent of overall export earnings. PHOTO: (Than Htat)

Export earnings from the fisheries sector during the period between 1 October and 17 July in the 2019-2020 financial year reached US$733.8 million, an increase of $108.97 million from the year-ago period, according to the statistics released by the Commerce Ministry.
Myanmar exports fisheries products, such as fish, prawns, and crabs, to markets in 40 countries, including China, Saudi Arabia, the US, Japan, Singapore, Thailand, and countries in the European Union. However, Myanmar’s fishery export volume is much lower compared to neighbouring countries. The Myanmar Fisheries Federation (MFF) is making concerted efforts to increase fishery export earnings by developing fish farming lakes which meet international standards and adopting advanced fishing techniques. The MFF plans to establish fish lakes, aqua feedstuffs processing factories, cold storages, and packaging factories, in cooperation with foreign experts.
Myanmar’s marine products account for six per cent of overall export earnings, the Ministry of Commerce’s data showed. At present, the fisheries sector is hit hard by the coronavirus outbreak. More than 3 million people are relying on this sector and the businesses need the government’s support to keep surviving amid the pandemic, said MFF Secretary U Win Kyaing. The government’s recent relaxation on land use policy regarding fish and prawn farming will enhance the sector and help the breeders get access to formal loan, he said. There are over 247,000 acres of fish farms and 240,000 prawn breeding farms across the country.
Myanmar exported 340,000 tonnes of fishery products worth $530 million in the 2013-2014FY, 330,000 tonnes worth $480 million in the 2014-2015FY, 360,000 tonnes worth $500 million in the 2015-2016FY, 430,000 tonnes worth $600 million in the 2016-2017FY, 560,000 tonnes worth $700 million in the 2017-2018FY, and over 580,000 tonnes in the 2018-2019FY, according to the Commerce Ministry.—GNLM (Translated by Ei Myat Mon)

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