VP Encourages Traders to Maintain Rice

Zarni Min Naing/MBT

Workers are loading rice sacks on their shoulders at Botahdaung Jetty, Yangon, as the H.E U Myint Swe, Vice President No.1 encouraged traders to maintain rice export ability as the country’s major export itemH.E. U Myint Swe, Vice President No.1, encouraged traders to maintain the amount of rice exported and feels optimistic about Myanmar’s potential for future growth in the sector. 

Myanmar exported 2.2 million tons of rice in first 8 months of 2017-18 Fiscal Year, a record high amount in more than 60 years, therefore, U Myint Swe, urged the traders to maintain the export amount.

‘‘This is a record high in over sixty years since the independence, in eight months we reached the amount of the previous one year’s amount. If we keep up the amount of export, then we can compete with Thailand and Vietnam in global rice market,’’ U Myint Swe said.

“Increasing rice export can help farmers’ livelihoods improve, and provide food security for the country,” U Aung Htoo, Deputy Minister of the Ministry of Commerce, said.

As the volume of rice export in first eight months of 2017-18 Fiscal Year reached 2.2 million tons, the value of rice export reaches over $673 million and over $ 400 million higher than of the same period of 2016-17 fiscal year.

In 2016-17 Fiscal Year, 1.7 million tons of rice was exported and the Ministry of Commerce estimates the amount of rice export this fiscal year to reach 2.8 million tons.

Higher demand from Sri Lanka, Bangladesh and African countries and expanding rice export to 14 other countries are the main reasons the rice export increased.

According to the data from United States Department of Agriculture (USDA), Myanmar is now the fifth largest rice exporter after India, Thailand, Vietnam, and Pakistan. Rice sector is included in National Export Strategy (NES) and beans and rubber are included in NES.