Myanmar bags US$845 mln from rice exports in FY 2023-2024

The value of Myanmar’s rice and broken rice exports ex­ceeded US$845 million from over 1.68 million tonnes in the finan­cial year 2023-2024 (April-March), comprising 1.59 million tonnes by seaborne trade and over 89,000 tonnes at the border, statistics released by Myanmar Rice Federation (MRF) showed.


The export volumes were regis­tered at 87,648 tonnes worth $36 mil­lion in April 2023, 110,706 tonnes worth $48 million in May, 62,725 tonnes worth $28 million in June, 58,334 tonnes worth $26 million in July, 59,971 tonnes worth $28 million in August, 84,773 tonnes worth $42 million in Septem­ber, 119,526 tonnes worth $63 million in October, 175,990 tonnes worth $90 million in November, 195,829 tonnes worth $99 million in December, 213,605 tonnes worth $111 million in January 2024, 262,116 tonnes worth $139 million in February and 257,037 tonnes worth $133 million in March respectively.


Therefore, the rice export vol­ume recorded the highest in February, followed by March and January. The figures showed a drop in June, July and August.


The federation aims to achieve 2.5 million tonnes of rice export in the FY 2023-2024, generating earnings of US$1 billion. However, rice exports fell short of the target.


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 chairperson 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.


Myanmar bagged over $809.135 million from approximately 2.164 mil­lion tonnes of rice export in the 2021-2022 FY (April-March). — NN/EM