The volume of rice and broken rice exported between 1 October and 29 November in the 2019-2020 fiscal year has been estimated at over 615,592 metric tons, worth $177.138 million, according to an announcement from the Myanmar Rice Federation.
In the current financial year, Myanmar has shipped rice to 41 foreign markets. China, which accounts for more than 33 per cent of the total rice exports, is the main buyer of Myanmar rice, followed by Madagascar and Guinea.
Cameroon is the fourth-largest buyer and Malaysia the fifth-largest buyer of Myanmar rice. The European Union countries account for 10.5 per cent of rice exports, while 38.28 per cent of rice grown in Myanmar goes to African countries.
In the two months of the current fiscal, Myanmar exported broken rice mostly to Indonesia, followed by Senegal, Belgium, Mali, and Thailand. Broken rice was placed in 38 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 15.63 per cent of the total rice exports, while maritime trade constitutes 84.37 per cent.
Rice exports through the border gates have earned an estimated $25.37 million, whereas maritime trade generated an income of $151.759 million in the October-November period, data from the Commerce Ministry shows.
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 2018-2019FY. —GNLM (Translated by Ei Myat Mon)
