Corn export tops $331.49 mln in first half of 2020-21 FY

Myanmar’s corn exports to foreign countries generated revenue of more than US$331.49 million in the first half (Oct-Mar) of the current financial year 2020-2021, Myanmar Customs Department’s statistics showed.
The prices of Myanmar’s corn are climbing up in Mandalay market on the back of strong demand by Thailand, coupled with the growing demand in domestic market, traders from Mandalay depot said.
Prior to Thingyan Festival in April, the corn fetched K28,000 per three-basket bag. Both the foreign demand and domestic demand prompted the sellers raise the prices starting from the first week of May. Following a gradual upward trend, the corn was priced above K 32,900 per bag in early June, Soe Win Myint depot from Mandalay stated.
Myanmar has been delivering corns to the neighbouring countries such as Thailand and China via land border. The shipment to Singapore, Malaysia and Viet Nam abruptly stopped owing to zero demand, he added.
“The lack of demand by sea is attributed to the political changes and disruption in logistic sector,” said U Min Khaing.
At the present time, Myanmar transports corns to Thailand through land border, with a tonne of corn fetching up about 8,000 baht.
Thailand gives green light to corn import through Mae Sot under zero tariff (with Form-D), between 1 February and 31 August.
Thailand has granted tax exemption on corn import between February and August. However, Thailand imposed the maximum tax rate of 73 per cent on corn import to protect the rights of their growers if the corns are imported during the corn season of Thailand, in accordance with the notification of World Trade Organization regarding corn import of Thailand, said a corn exporter.
With growing the local corn consumption, Myanmar’s corn export to foreign markets is expected to reach 1.6 million tonnes this year, the association stated.
Myanmar is the second largest exporter of corn among regional countries. At present, corn is cultivated in Shan, Kachin, Kayah and Kayin states and Mandalay, Sagaing and Magway regions. Myanmar has three corn seasons—cold season, summer and monsoon. The country yearly produces 2.5 to 3 million tonnes of corns.
The corn crop is mostly demanded by feedstuff processing business. This being so, it is potential business for both domestic and external markets, said an official of the Ministry of Commerce.
During last FY 2019-2020 which ended on 30 September, the country exported 2.2 million tonnes of corns to external market, with an estimated value of $360 million, the Ministry of Commerce’s data showed.
As per data from the Ministry of Commerce, Myanmar exported 1.5 million tonnes valued at $270 million in the 2018-2019 FY, 1.4 million tonnes of corn worth over $290 million in the 2017-2018 FY, 1.2 million tonnes of corn worth $250 million in the 2016-2017 FY, and, 1.1 million tonnes of corn worth $300 million in the 2015-2016 FY.—HH/GNLM