Corn traders in Myanmar get organised in anticipation of more demand

Sub-title: 

The Ministry of Commerce will support banks in the provision of loans for planting Myanmar corn, demand for which is expected to rise in the coming years. The agreement was made between the ministry and the newly formed Myanmar Corn Industrial Association on June 26.

Description: 

"“As we expect demand to be very high, the Ministry of Commerce accepted our request for it to provide government loans or connect us to the banks so that we can obtain the funding we need to expand the plantations,” said U Min Khang chair of the association. There are about 1.9 million acres of corn plantations across the Ayeyarwady Region, Nay Pyi Taw, Shan State, Kayah State and Kayin State, yielding more than 3 million tonnes a year, according to last year’s data. Domestic consumption is less than half of what is produced, with the other half of the crop exported mainly to Thailand. Myanmar is currently also the second largest exporter of corn in Asean. Since the start of the 2019-20 fiscal year, demand for Myanmar corn has risen, particularly from Thailand, where demand for corn as industrial and animal feed is increasing. According to the Ministry of Commerce, the country has already exported around 1.8 million tonnes of corn this year, which is about a million tonnes more compared to the same period last year. More than 60 percent was sold to Thailand..."

Creator/author: 

Zeyar Hein

Source/publisher: 

"Myanmar Times" (Myanmar)

Date of Publication: 

2020-06-28

Date of entry: 

2020-06-29

Grouping: 

  • Individual Documents

Category: 

Countries: 

Myanmar

Language: 

English

Resource Type: 

text

Text quality: 

    • Good