September 17, 2012

 

Myanmar's eel prices decline after boost from China demand

 

 

Myanmar's eel prices are declining after reaching a record high in early July due to strong demand from China.

 

Eel sold for as much as US$5140 a tonne in early July said association chairman U Ba Thaw, during the weekly Myanmar Fisheries Federation (MFF) meeting in Yangon.

 

However, by last week the price had fallen to US$4200 a tonne.

 

U Ba Thaw said that earnings from eel exports have been growing on-year for the past three years, although the quantity exported in 2009-2010 fell.

 

"Eel export prices hit US$5140 a tonne on July 4, which is the highest price we've ever seen," he said, adding that prices reached about US$5000 a tonne at the same time last year.

 

"Daily exports to China are also strong," he said.

 

He added that eel exports earnings have grown on-year for three years. Myanmar exported more than 10,647 tonnes of eel in the 2011-2012 financial year, which ended in March, earning US$40.34 million. Exports in the 2010-2011 year earned 23.48 million from 7949 tonnes, a small drop in quantity but an increase in earnings against the US$20.72 million brought in from 8792 tonnes in 2009-2010, according to MFF data provided on August 14.

 

Eel export earnings by August 14 had already bettered those recorded in the same month last year - US$13.58 million compared with US$11.24 million.

 

China is the major buyer of Myanmar eel, with the province of Guangzhou purchasing 75% of exports.

 

U Ba Thaw said daily exports at this time of year averaged 40 tonnes. Shipments are sent from Mandalay to Muse, Laukkai and Myawaddy to either China or Thailand.

 

"We export between from 500-600 boxes a day to Muse and about 240-250 boxes to Laukkai," he said, adding that each box contains about 180 pounds.