MYANMAR’s corn exports to foreign countries generated revenue of more than US$532 million during the Oct-Aug period of the financial year 2020- 2021, Myanmar Customs Department’s statistics showed.
The prices of Myanmar’s corn climbed up in the domestic market in the previous months on the back of strong demand by Thailand, coupled with growing the demand in domestic market, traders from Mandalay depot said.
Myanmar exported more than 2.2 million tonnes of corn to the foreign countries in the FY 2020-2021, said U Min Khaing, chair of Myanmar Corn Industrial Association said.
Of 2.2 million tonnes, about 1.6 million tonnes of corn were delivered to Thailand, whereas the remaining corns were conveyed to China, India and Viet Nam.
This year, the corn fetched a good price of US$260-270 per tonne. It was priced only $200- 230 per tonne during the yearago period.
Thailand gives green light to corn imports through Mae Sot under zero tariff (with Form-D), between 1 February and 31 August.
Thailand granted tax exemption on corn imports between February and August. However, Thailand imposed the maximum tax rate of 73 per cent on corn import to protect the rights of their growers if the corns are imported during the corn season of Thailand, in accordance with the notification of World Trade Organization regarding the corn import of Thailand, said a corn exporter.
With the local corn consumption growing, Myanmar’s corn export to foreign markets is expected to reach 1.6 million tonnes this year, the association stated.
Myanmar is the second largest exporter of corn among regional countries. At present, corn is cultivated in Shan, Kachin, Kayah and Kayin states and Mandalay, Sagaing and Magway regions. The country yearly produces 2.5-3 million tonnes of corns.
The corn crop is mostly demanded by feedstuff processing businesses. This being so, it is potential business for both domestic and external markets, said an official of the Ministry of Commerce.
At present, the price slightly declined to K34,000-K35,000 per bag in the domestic market as the value of local currency revalued in the forex market, as per the wholesale market’s data.
During last FY 2019-2020 ended 30 September, the country exported 2.2 million tonnes of corns to external market, with an estimated value of $360 million, the Ministry of Commerce’s data showed.
As per data from the Ministry of Commerce, Myanmar exported 1.5 million tonnes valued at $270 million in the 2018-2019FY, 1.4 million tonnes of corn worth over $290 million in the 2017-2018 FY, 1.2 million tonnes of corn worth $250 million in the 2016-2017 FY, and, 1.1 million tonnes of corn worth $300 million in the 2015-2016 FY.—KK/GNLM