The value of agricultural exports has registered US$132.9 million in 15 days of the current mini-budget period (October 2021-March 2022), as per the statistic of the Ministry of Commerce.
The figures reflect an increase of $45 million. The agro exports topped $87.5 million in the corresponding period of the 2020-2021FY, according to the trade figures released by the Ministry of Commerce.
The agricultural exports jumped to $4.6 billion in the financial year 2020-2021, despite the downward trend in other export groups.
The agricultural exports surged even though the main trade partner China shut down all the borders in the wake of the COVID-19 surge in Myanmar.
The coronavirus pandemic impacted the foreign demand for other export groups; agricultural products, fishery, livestock, mineral, forest products, finished industrial goods and other goods.
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 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 a strong market for the farmers. Contract farming systems, involvement of regional and state agriculture departments, exporters, traders, and some grower groups, are required to meet production targets, the Agriculture Department stated.
The Commerce Ministry is working to help farmers deal with challenges such as high input costs, procurement of pedigree seeds, high cultivation costs, and erratic weather conditions.
Source from the Global New Light of Myanmar
November 08, 2021