15:42 | 12/11/2018 Global Economy
Myanmar earned nearly US$436 million from exporting rice and broken rice from April 1 to October 26 this year, according to the Myanmar Rice Federation (MRF).
|A worker arranges rice at a warehouse in Yangon, Myanmar - Photo: Xinhua|
In the period, the Southeast Asian country shipped abroad more than 1 million tonnes of rice and nearly 251,230 tonnes of broken rice.
About 53.4 percent of the two types of rice were exported through border gates while the rest via sea routes. The country raked in over US$1.11 billion from export of 2.89 million tonnes of rice and 620,696 tonnes of broken rice in the fiscal year 2017-2018.
China is the leading rice export market of Myanmar, accounting about 60 percent, while demand for the country's rice also comes from other Asian countries, European Union members and some African countries.
Aside from rice, Myanmar also boosts exports of other products, including peas, aquatic products, garment-textile, timber and wooden products, and rubber, a move to decrease the country’s trade deficit.
The Asian Development Outlook 2018, published by the Asian Development Bank (ADB), has updated Myanmar's estimated economic figures, saying that the country's growth rate of gross domestic product (GDP) is 6.6 percent for 2018, and 7 percent for 2019.
Myanmar's inflation rate is 6.2 percent for 2018 and 6 percent for 2019 respectively. Meanwhile, the current account balance deficit is 3 percent of GDP in 2018, and 4 percent in 2019.