Myanmar is focusing on newer markets to achieve high levels of rice exports. The government and private sectors are making efforts to export two million tonnes of rice in Fiscal Year 2017-2018, official media reported Friday. Myanmar’s rice export mostly goes to neighboring China through border trade. Meanwhile, the country’s agricultural products including rice and broken rice have gained new international markets like Africa due to efforts exerted by the government and private sectors. Myanmar has fetched US$2.65 billion by exporting agricultural products as of March 10 in this fiscal year that ends on March 31. In Fiscal Year 2016-2017, a total of 1.5 million tonnes of rice has been exported as of mid-March.
According to an official source the government is taking numerous measures to ensure increment in rice exports. A potential export agreement with the Philippines, that fell through in 2015, mainly because Myanmar rice proved too expensive is being reworked as Philippines can’t be ignored. Attempts are under way to renew a lapsed memorandum of understanding with Indonesia. Myanmar government is pursuing exports to the EU too. Since China is beginning to thoroughly examine rice being exported across the border, exporting rice across the border area is on the decline. Therefore Myanmar that legally exports to China by shipping on the basis of a quota system since the year 2014-15 is engaging with China to increase its share, said the official sounding optimistic. And with the ever strengthening US dollar against Burmese kyat this year it is believed that the rice sector alone can reach US$1 billion by 2020 from the current levels and increase its revenues by focusing on quality and exporting qualified rice.