The volume of rice and broken rice exported over eleven-and-a-half months since October in the previous financial year was estimated at over 2.29 million metric tons, worth $691 million, according to an announcement from the Myanmar Rice Federation.
Myanmar currently ships rice to 65 foreign markets. China, which accounts for over 33 per cent of the total rice exports, is the main buyer of Myanmar rice, followed by the Philippines and Cameroon. Côte d’Ivoire is the fourth-largest buyer and Madagascar the fifth-largest buyer of Myanmar rice. The European Union countries account for over 20.88 per cent of rice exports, while 25.4 per cent of Myanmar’s rice goes to African countries.
Myanmar exports broken rice mostly to Belgium, followed by Indonesia, the Netherlands, China, and the UK. It is placed in 41 foreign markets.
Earlier, border trade was relatively high compared to sea trade in terms of rice exports. During the last financial year, border trade accounted for just 27 per cent of the total rice export, while maritime trade constituted 72.58 per cent.
Between 1 October, 2018 and 20 September, 2019, rice exports through the border gates helped the country earn an estimated $187 million, whereas maritime trade generated an income of $503.85 million, data from the Commerce Ministry showed.
Myanmar primarily exports rice to China through the border gates. However, trade in agricultural products was halted on account of China clamping down on illegal trade. As a result, stocks of rice piled up at the Muse border gate in Q1 of this year, bringing down the price of rice in the export market.
Additionally, the prices of low-quality rice variety Ngasein and Aemahta were lower compared to the corresponding period of the previous year, according to the local market.
At present, rice is being exported to China through a government-to-government (G2G) agreement and a barter system, in exchange for Chinese goods.
Myanmar shipped 3.6 million tons of rice in the 2017-2018 financial year, which is an all-time record in rice exports.— GNLM
(Translated by Ei Myat Mon)