Having already exceeded original projections, rice exports are expected to reach beyond three million tonnes in 2017-2018 fiscal year, according to Nay Lin Zin, joint-secretary of Myanmar Rice Federation.
As of January 5, the country had shipped over 2.6 million tonnes of rice this fiscal year, said Khin Maung Lwin, assistant permanent secretary of the Commerce Ministry, with export earnings increasing by more than US$480 million over last year. Original expectations were for 2 million tonnes of rice exports.
Between April 1, 2017 and now, the exports of rice via border trade increased by more than 700,000 tonnes of rice, while sea-based exports topped 900,000 tonnes, compared with the same period last year, Khin Maung Lwin added.
Between 1920 and 1941, Myanmar was able to export up to three million tonnes of rice. Exports declined during the independence and post-independence period. In 1956, 1957, 1959 and 1960, rice exports amounted to just one million tonnes, according to the MRF.
Chit Khaing, president of the Myanmar Rice Federation said the organisation is working toward earnings of $1 billion from exports of three million tonnes by the year 2020.
Rice exports were expected to hit two million tonnes this fiscal year, a figure already exceeded.
The MRF is selling rice to international buyers and implementing a government-to-government scheme in cooperation with the government.