Myanmar exports over 1 million tonnes of rice in fiscal transition period

Illustrative image (Source: mmtimes)

Hanoi (VNA) - Myanmar exported 1.12 million tonnes of rice in the last six months, earning over 390 million USD, according to an announcement of the Myanmar Rice Federation.

In the period, Myanmar’s rice, including broken rice, was shipped to 61 countries from April to September 2018, the federation said. 

Rice and broken rice export through border checkpoints earned an estimated 226.9 million USD, whereas the sea trade fetched 163.9 million USD. 

Previously, the Government of Myanmar changed the start of fiscal year from April to October from 2018-2019, creating a transition period of six months.

In the fiscal 2017-2018, Myanmar exported 3.6 million tonnes of rice and broken rice, earning 1.11 billion USD. The country is expected to ship 2.5 million tonnes of rice abroad in 2018 as it is a key agricultural product of the country.

Besides rice exports, Myanmar is also trying to promote other export products including peas and seafood, textiles, timber and forestry products, and rubber to tackle the country's trade deficit. 

The Asia Development Outlook 2018 recently announced by the Asian Development Bank (ADB) forecasts that Myanmar's Gross Domestic Product (GDP) will grow 6.6 percent in 2018 and 7 percent in 2019.

The Southeast Asian nation’s inflation rate is expected to be around 6.2 percent in 2018 and 6 percent in 2019, while the current account deficit will be at 3 percent of GDP in 2018 and 4 percent of GDP in 2019