Myanmar has planned to hit 300,000 tonnes of rice export target in the last two months (February-March) of the financial year 2022-2023, according to Myanmar Rice Federation (MRF).
On 11 February 2023, the coordination meeting was held by MRF, region and state committees, commodity depots, central executives, executive members, and exporting companies.
As Myanmar aims to achieve a rice export target of 2 million tonnes for the current FY 2022-2023. More than 1.9 million tonnes of rice have been shipped as of end-January so far. Therefore, 150,000 tonnes each will be shipped to the external market in February and March.
Working procedures of the MRF, goals, contract farming project, domestic and foreign market conditions and rice price, cooperation plans to stabilize rice price in the domestic market, enhancing commodity depots, analysis of strengths and weaknesses of the State’s policies, developing the Micro, Small and Medium Enterprises, export financing matter, investigation on rumours to harm market stability, disseminating right information, ensuring right trade and matters regarding customers, employees and workers were discussed at the meeting.
Myanmar has shipped over 1.9 million tonnes of rice and broken rice with an estimated value of US$700 million as of 31 January 2023 in the current FY since April 2022, according to Myanmar Rice Federation (MRF).
The export values were recorded at $82 million from 250,947 tonnes in April 2022, $51 million from 153,507 tonnes in May, $50 million from 146,094 tonnes in June, $66 million from 182,550 tonnes in July, $53 million from 156,893 tonnes in August, $37 million from 93,792 tonnes in September, $65 million from 163,189 tonnes in October, $106 million from 264,038 tonnes, $90 million from 228,445 tonnes in December and $107 million from 268,835 tonnes in January 2023.
Myanmar primarily sent rice and broken rice to China (over 620,000 tonnes), followed by Belgium (270,000 tonnes), Bangladesh (230,000 tonnes) and the Philippines (160,000 tonnes).
Myanmar has been exerting concerted efforts to grow 10 per cent yearly in the rice export sector. To raise foreign income, it has been prioritizing the exportation of high-grade rice and boosting export volume, MRF stated.
Myanmar bagged over $700 million from approximately 2 million tonnes of rice export in the 2020-2021 FY. — NN/EM