Myanmar will ink a Memorandum of Understanding (MoU) with China in November to export 100,000 tonnes of rice to the neighbouring country, according to the Myanmar Rice Federation (MRF).
The two countries are currently in negotiations to perform the transaction of more 200,000 tonnes of rice after Myanmar finished exporting 100,000 tonnes of rice to China under the previous MoU, according to Ye Min Aung, General Secretary of the MRF. Myanmar has exported more than 1.6 million tonnes of rice to buyer countries in the period from April 1 to October 6, reaching approximately 80 per cent of the projected 2 million for the ongoing budget year that started from April 1 and is ending on March 31 next year. The country earned nearly $500 million from the export, according to the Department of Trade under the Ministry of Commerce. Myanmar is currently dependent on China for the majority of its trade. Annual trade value between the two countries amount to nearly $10 billion to account for about 30 per cent of Myanmar’s total external trade, according to the statistics from the Ministry of Commerce.
