Myanmar’s rice exports exceed US$1B in first 10 months of 2024-25FY
Myanmar’s rice exports generated over $1 billion from 2.24 million tonnes of rice and broken rice during the first part of the 2024-2025 financial year. The Myanmar Rice Federation aims to meet its export target of 2.5 million tonnes for the year, despite challenges like the Central Bank’s monetary policies and the impacts of El Nino. Exports primarily rely on maritime trade.
Myanmar bagged over US$1 billion from 2.24 million tonnes of rice and broken rice exports in April and January of the current financial year 2024-2025, according to the Myanmar Rice Federation (MRF).
The export volumes are 111,862 tonnes worth $55 million in April 2024, 71,279.5 tonnes worth $36 million in May, 162,325.75 tonnes worth $84 million in June, 165,444 tonnes worth $81 million in July, 207,369 tonnes worth $97 million in August, over 219,560 tonnes worth $104 million in September, 424,784.27 tonnes of rice worth $189 million in October, over 334,530 tonnes worth $156 million in November, 337,490 tonnes worth $145 million in December and 209,599 tonnes worth $101 million in January 2025 respectively.
The majority of exports went from maritime trade, while border trade saw only a small volume of exports.
The federation aims to achieve 2.5 million tonnes of rice exports in the 2024-2025 financial year (April-March).
The Ministry of Commerce has been cooperating with departments and institutions concerned to achieve monthly export targets and beyond depending on the supply volume of rice, broken rice, pulses, corn, rubber and fisheries from the respective companies.
Ministry of Commerce is working together with the Union of Myanmar Federation of Chambers of Commerce and Industry, Myanmar Rice Federation, Myanmar Pulses, Beans, Maize and Sesame Seeds Merchants Association, Myanmar Garment Manufacturers Association, Myanmar Industries Association, Myanmar Rubber Planters and Producers Association, Myanmar Fisheries Products Processors and Exporters Association to meet monthly export targets and facilitate exports.
The federation is projected to achieve 2.5 million tonnes of rice export in the FY 2023-2024, generating earnings of $1 billion. However, rice exports fell short of the target with 1.6 million tonnes worth $845 million.
The Central Bank of Myanmar’s monetary policy to control export earnings impeded rice exports, hurting exporters financially. The El Nino weather condition also hampered rice export, the president of the Myanmar Rice Federation affirmed.
Myanmar exported 2,261,203 tonnes of rice and broken rice to foreign trade partners in the past 2022-2023 FY (April-March), with an estimated value of $853.472 million.
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Source : GNLM
