Indonesia leads Myanmar rice imports in H1

INDONESIA is the largest importer of Myanmar’s rice, with over 210,000 tonnes in the first half of the
current financial year 2024-2025, beginning 1 April, according to the Myanmar Rice Federation (MRF).
Myanmar conveyed over 217,600 tonnes of rice and broken rice to Indonesia, over 209,000 tonnes to China, over 162,900 tonnes to Belgium, over 72,600 tonnes to the Philippines, over 27,100 to Cameroon, over 26,500 to Mozambique, over 19,500 to Spain, 17,500 to the Netherlands, over 13,900 to Ivory Coast, over 13,300 to Italy and over 12,300 to Poland.

Myanmar’s rice and broken rice exports to foreign countries reached over 930,000 tonnes worth
US$458 million in H1. The federation aims to achieve 2.5 million tonnes of rice exports in the 2024-2025
financial year (April-March). The Ministry of Commerce has been cooperating with departments and institutions concerned to achieve export targets and beyond depending on the supply volume of rice, broken rice, pulses, corn, rubber and fisheries from the respective companies.

Ministry of Commerce is working together with the Union of Myanmar Federation of Chambers of
Commerce and Industry, Myanmar Rice Federation, Myanmar Pulses, Beans, Maize and Sesame Seeds
Merchants Association, Myanmar Garment Manufacturers Association, Myanmar Industries Association,
Myanmar Rubber Planters and Producers Association, Myanmar Fisheries Products Processors and Exporters Association to meet monthly export targets and facilitate exports.

The federation is projected to achieve 2.5 million tonnes of rice export in the FY 2023-2024, generating one billion dollars. However, rice exports fell short of the target with 1.6 million tonnes worth $845 million. The Central Bank of Myanmar’s monetary policy to control export earnings impeded rice exports, hurting exporters financially. The El Nino weather condition also hampered rice export, the chairperson of the Myanmar Rice Federation said. Myanmar exported 2,261,203 tonnes of rice and broken rice to foreign trade partners in the past 2022-2023 FY (April-March), with an estimated value of $853.472 million.

CBM to sell 20M Thai baht to importers

THE Central Bank of Myanmar (CBM) announced on 23 October that it would sell 20 million Thai baht to
importers. After that, it injected US$2.5 million and 16.5 million baht into the financial market on that day. It sold over $7.5 million and 150 million baht on 22 October, $2.2 million and 1.5 million yuan on 21 October after it announced to sell $35 million for those engaged in the fuel oil and edible oil sectors as per its notification dated 20 October.

CBM injected $6 million and 200 million baht on 15 October, $730,000 on 11 October, $12.4 million and
38.7 million baht on 10 October, 660,000 yuan on 9 October and over 10 million baht on 7 October into the private sector. CBM also pumped $13.1 million and 288,000 yuan on 4 October, $780,000, 1.2 million yuan and one million baht on 3 October and over 1.2 million yuan and 10.2 million baht into the financial market on 2 October.

CBM also sold over $76 million, 86 million baht and 4.8 million yuan in September. Moreover, CBM sold
over $190 million, 19 million yuan and 79 million baht in August. CBM aims to curb the instability in the foreign exchange market and the currency devaluation. According to CBM’s notification on 15 March, it has been joining hands with law enforcement agencies to combat and prosecute those who attempt to manipulate the currency market under the existing laws. CBM allowed authorized dealers (private banks) to operate online foreign exchange trading freely as per the market rate depending on supply and demand factors, starting from 5 December 2023.

Source: The Global New Light of Myanmar