The volume of rice and broken rice exported between 1 and 11 October in the current fiscal year was estimated at over 103,868 metric tons, worth $30.4 million, according to an announcement from the Myanmar Rice Federation.
In the current financial year, Myanmar has shipped rice to 30 foreign markets. China, which accounts for over 34 per cent of the total rice exports, is the main buyer of Myanmar rice, followed by Madagascar and Malaysia. Lithuania is the fourth-largest buyer and the Russian Federation the fifth-largest buyer of Myanmar rice. The European Union countries account for 13.4 per cent of rice exports, while 37 per cent of rice grown in Myanmar goes to African countries.
In the 11-days of trading, Myanmar exported broken rice mostly to Senegal, followed by Indonesia, Belgium, the UK, and Côte d’Ivoire. Broken rice was placed in 19 foreign markets.
Earlier, border trade was relatively high compared to sea trade in terms of rice exports. Since the previous financial year, border trade has dropped, and currently, it accounts for just 11.7 per cent of the total rice export, while maritime trade constitutes 88 per cent.
Rice exports through the border gates earned an estimated $3.3 million, whereas maritime trade generated an income of $.1 million in the 11-days of trading, data from the Commerce Ministry showed.
Myanmar primarily exports rice to China through the border gates. However, trade in agricultural products has been 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 varieties 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 fiscal year, which was an all-time record in rice exports. The export volume plunged to 2.29 million metric tons, worth $691 million, in the 2018-2019 FY. – GNLM
(Translated by Ei Myat Mon)