Myanmar 2020 rice export exceeded its target
Despite the ongoing pandemic and economic challenges, Myanmar 2020 rice export exceeded its target 2.4 million tonnes due to the local and foreign demand. In 2019-2020 fiscal year, Myanmar exported over 2.58 mln tonnes of rice, value worth of nearly USD 800 mln.
2020 best performing export sector
The agricultural sector has been listed as 2020 best performing export sector by the Myanmar Ministry of Commerce (22%). In 2020, Myanmar exported rice to a total 66 foreign markets, broken rice to a total 60 foreign markets. 30% of the Myanmar rice export goes to China Market, over 20% to the EU countries.
Demand high for Myanmar rice
The Bangladesh recently expressed 100,000 tonnes of rice will be purchased under a government-to government agreement with Myanmar. In addition, Malaysia also indicated to buy 15,000 tonnes of Myanmar rice. For 2021, the MRF forecasts a decline in rice export. Nonetheless Myanmar rice sector seems to remain stable and attract the foreign markets.
Plan to launch Myanmar Rice Portal
Myanmar’s next digital transformation plans cover rice trading as well. According to the Myanmar Rice Federation (MRF), an information hub called the MRF Rice Portal will become available in the beginning of this year. Rice is on the priority sector in the Myanmar National Export Strategy NES 2020-2025. Through the launching of its first online rice market, Myanmar expects to build a better local and foreign networks and to further boost the overall rice exports.