According to Ministry of Commerce data, over USD 680 million has been earned from fishery exports to over 40 countries, including China and Thailand, since the start of the current fiscal year in October 2019. The total earnings exceed by USD 100 million the total over the same period of last fiscal year – which marked a record export for the sector.
The total could have been higher if not for the COVID-19 outbreak, which almost completely interrupted trade with China. “If we can improve farming capacity locally, we will be in a position soon to earn up to USD 1 billion” Eleven Media reported Deputy Minister for Commerce U Aung Htoo as saying.
However, there is still room to grow. Today, the volume of fishery export is still six to eight times smaller than that of neighboring countries. U Htay Myint, president of Myanmar Fisheries Federation, said modern fish farms, feedstuff factories and cold storage factories to be built in cooperation with experts from Indonesia, Taiwan and China will enable Myanmar to earn USD 3 billion from fishery exports in the near future.