Farmers dry paddy on a rice field in Ayeyawady Delta. Photo: Phoe Khwar
Agricultural export earnings as of the mid of June this fiscal year hit over US$ 742 million, a decrease of over US$ 32 million from the same point of last year, according to the statistics released by the Ministry of Commerce.
This fiscal year, the export value of agricultural product reached US$ 742 million from private sector, down from US$ 774 million of the same period of last fiscal year.
Myanmar normally imports luxury products, personal goods, construction materials, agricultural machinery, raw materials, household goods, foodstuff and electronic devices predominately from neighboring countries. According to the ministry’s statistics, the country exported nearly US$2.5 billion worth of products this fiscal year, including minerals, fish products, animal products and agricultural products through sea routes and border trade camps, an increase of more than US$238 million compared with last fiscal year.
The country’s exports cannot be dependent only on natural resources and the agro industry, but also on fishery exports, the Cutting, Making, Packing (CMP) garment export and re-export sectors should also play an important role.
During fiscal year 2017-2018, the export of jade and mineral exports was down by US$ 151 million, while the value of fisheries export were found to have a decrease of US$ 6 million when the compared to those of the previous fiscal year.
The value of forestry product export was over US$ 52 million and the export value of finished products reached US$ 968 million.
Min Thu