Private sector exporters in Burma plan to export 400,000 tons of rice to Bangladesh at 'free on board' prices between USD 280 and USD 365 per ton, officials report.

The Commerce Ministry of Myanmar has informed the Bangladesh embassy in Rangoon that Burma has about 400,000 tons of rice available for export at the private level this year.

Of the 400,000 tons of rice, the Irrawaddy Division of Burma has about 200,000 tons of exportable rice that is slated to be sent to Bangladesh via sea.

Rice merchants in Arakan State will export about 100,000 tons of rice, much of which is in Sittwe harbor to be exported to Bangladesh through the border trade.

At the same time, many tons of Burmese rice have been exported to Bangladesh via sea routes to Teknaf and Chittagong since the beginning of this year.

The Commerce Ministry of Myanmar, however, informed Bangladesh that the import payments should be made through the telegraphic transfer advance system via Singapore, as Burmese businessmen do not prefer the letter of credit system.

Exporters in Burma would rather not export their products through the opening of letters of credit due to the imposition of investment and trade sanctions on Burma by the United States, European Union, and Canada. #

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