Earning from Myanmar aquaculture products export exceeds $276.5 mln as of 14 January

The value of Myanmar’s seafood exports as of 14 January in the current six-month mini-budget period (October 2021-March 2022) was estimated at over US$276.58 million, which increased slightly from $2.57 million in the corresponding period of the last financial year 2020-2021, the Ministry of Commerce’s data indicated. Ministry of Agriculture, Livestock and Irrigation is focusing on boosting production, exploring new markets, increasing export items, enhancing the livelihood of local people, providing financial assistance to the breeders, promoting the fish consumption of the people and tackling the challenges together with all the stakeholders.

Moreover, the Myanmar Fisheries Federation (MFF) is attempting to grow fishery export regardless of the COVID-19 disruption on maritime trade, closure of borders and fuel oil price instability. The high input cost such as fishing net, oil price posed another burden for the industry, coupled with the devaluation of Kyat in the forex market, the Mawlamyine Commodity Centre stated. The marketable fish products, especially fish, shrimp, eel and crab from Taninthayi and Ayeyawady regions and Rakhine State are primarily exported to foreign markets.

Myanmar normally exports fisheries products, such as fish, prawns, and crabs, to markets of 40 countries, including China, Saudi Arabia, the US, Japan, Singapore, Thailand, and countries in the European Union.  Chinese market constitutes about 65 per cent of Myanmar’s fishery exports, accounting for US$254 million out of the overall fishery export value of over $850 million in the FY2019-2020. At present, China shut down the border areas in wake of the COVID surge in Myanmar. The federation is turning to the Bangladesh market with export potentials at present. There are 480,000 acres of fish and prawn breeding farms across the country and more than 120 cold-storage facilities in Myanmar. During the last financial year 2020-2021 (October-September), Myanmar shipped approximately $785 million worth of seafood, the Ministry of Commerce’s data showed.

Source: The Global New Light of Myanmar