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Agricultural export tops $315 mln as of 5 November

The value of agricultural exports was registered at US$315.04 million as of 5 November in the current mini-budget period (Oct 2021-March 2022), as per the statistic of the Ministry of Commerce. The figures reflect a decrease of $28.49 million. The agro exports stood at $343.53 million in the corresponding period of the 2020-2021 FY as the main trade partner China shut down all the borders in wake of COVID-19 negative consequences, according to the trade figures released by the Ministry of Commerce. Last month, the coronavirus pandemic impacted the foreign demand for agricultural products, livestock, mineral and finished industrial goods.

In contrary, the exports of fishery, forest products and other goods rose slightly. In the exports sector, the agriculture industry performed the best, accounting for 37 per cent of overall exports. The chief items of export in the agricultural sector are rice and broken rice, pulses and beans and maize. Fruits and vegetables, sesame, dried tea leaves, sugar, and other agro products are also shipped to other countries. Myanmar’s agro products are primarily exported to China, Singapore, Malaysia, the Philippines, Bangladesh, India, Indonesia, and Sri Lanka. Sometimes, the export market remains uncertain due to unsteady global demand.

The country requires specific export plans for each agro product, as they are currently exported to external markets based upon supply and demand. The G to G pact also ensures the strong market for the farmers. Contract farming systems, involvement of regional and state agriculture departments, exporters, traders, and some grower groups, are required in order to meet production targets, the Agriculture Department stated. The Commerce Ministry is endeavouring to help farmers deal with challenges such as high input costs, procurement of quality seeds, high cultivation costs, and erratic weather conditions. The agricultural exports jumped to US$4.6 billion last financial year 2020-2021, despite the downward trend in other export groups.

Source: The Global New Light of Myanmar

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