Myanmar is estimated to export up to 2.8 million tons of rice worth a maximum of $800 million this year, reaching a 50-year peak.
Demand for rice produced in Myanmar has risen to its highest level in 50 years in the current 2017-18 marketing year. U Khin Maung Lwin, assistant secretary of the Ministry of Commerce, said rice exports of the SE Asian country estimated to have increased to 2.5-2.8 million tons, reminding previous year’s estimation was 2.2 million tons. U Nay Lin Zin, joint-secretary of Myanmar Rice Federation (MRF), said Myanmar’s rice exports worth up to $800 million this season. The rise in exports this year was due to higher demand from African countries and trade was facilitated through government-to-government agreements between Myanmar and Sri Lanka as well as Bangladesh. Sri Lanka and Bangladesh, which are rice-exporting countries, this year faced shortages due to poor weather, which destroyed much of their paddy fields. Myanmar exports 80 percent of its rice to China.