Chinese poised to agree to new rice deal

By | March 12, 2017

The Ministry of Commerce says a new agreement is under way to export 100,000 tonnes of rice to China by sea.

“It’s not the ministry itself that will export. The Myanmar Agribusiness Public Corporation [MAPCO] was previously offered the quota by China to export 100,000 tonnes of rice. There’s now a deal underway for another quota of the same amount. The previous quota is almost fulfilled,” said Khin Maung Lwin, a senior official from the ministry.

The previous deal was reached in 2014.

Myanmar exports most of its rice to China through the Muse border and also exports rice to more than 30 countries by sea.

Rice exports to China last year saw a significant decrease due to rebel attacks on Muse and Chinese officials taking strict action on Myanmar’s exports.

Other exports also decreased this year due to the instability in the border areas and increased security checks.

The MAPCO chose instead to export rice by sea and the weak kyat has driven up exports. Maritime exports struggled in the past because of the policies of the former government.

The MAPCO is preparing to sell its shares at the Yangon Stock Exchange.