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December 07, 2019

Fishery exports top $610 mln in current fiscal

Workers work at a fish factory in Yangon.  Photo: Phoe Khwar

Export earnings from the fisheries sector crossed US$611.56 million between 1 October and 5 July in the current FY from $568.32 million in the corresponding period of the previous fiscal, according to statistics released by the Commerce Ministry.
Myanmar exports fisheries products such as fish, prawns, and crabs to 40 foreign nations, including European Union countries, China, Saudi Arabia, the US, Japan, Singapore, and Thailand.
Earlier, only fish caught in the wild was allowed to be exported to the EU markets. At present, Myanmar is exporting farmed fish, prawns, and crabs to the EU.
The Myanmar Fisheries Federation (MFF) is making concerted efforts to increase earnings from fisheries exports by developing fish farming lakes which meet international standards and adopting advanced fishing techniques.
There are 480,000 acres of fish and prawn breeding farms across the country, and Myanmar has earned over $717 million from fishery products in the last fiscal year, according to MFF statistics.
MFF Vice President Dr. Toe Nandar Tin said the federation has asked the government to tackle problems faced in export of farm-raised fish and prawns through G2G pacts and ensure smooth freight movement between countries to bolster exports.
According to the MFF, integrated poultry and fish farming cannot ensure food safety, which is a requirement for exports. Therefore, the federation has asked for the formulation of a law to restrict that kind of mixed farming. Fish farming must be conducted as a large-scale project to get access to Project Bank loans, according to the MFF. —GNLM
(Translated by Ei Myat Mon)

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