February 27, 2014

Myanmar's 2013 fish exports down 15% on-year

In the 2013-14 fiscal year, Myanmar's fish exports are falling far short of expectations at 15% less to US$550 million compared to the prior year's US$650 million.

The country set a revenue target of US$700 million for the year, US$150 million more than what it actually achieved, according to U Toe Nandar Tin, treasurer of the Myanmar Fisheries Processors and Exporters Association of the Myanmar Fisheries Federation.

"Not only is income down, but so is export tonnage," said U Toe Nandar Tin. "We have earned only about US$400 million in revenues so far this year, and based on that we will not meet last year's number."

Myanmar generated US$451.13 million in fishing revenue in the first 10 months of the fiscal year, exporting 280,000 tonnes of fish, according to the Department of Fisheries. The same period in the previous year earned US$84 million more in revenue, and total fish production reached 308,000 tonnes.

Due to lack of fishing equipment, according to U Han Tun, an adviser for the Myanmar Fisheries Federation, the sector has experienced lower production and higher domestic prices this year. Unfortunately, fish farmers lack the capital to expand their operations and thus far, investors have not shown interest in the sector, as poor transportation, electricity supply and inadequate banking systems all contribute to the unreliable nature of the business.