04.04.2025 (04:30 PM)

Myanmar produces more corn than its domestic consumption each year and is the second largest exporter among 10 ASEAN countries, said Union Minister for Commerce and Industry Dr. Than Myint.

The Union Minister made the above statement at the Corn Seed Sector Development Forum held via video conferencing at the Ministry of Commerce and Industry.

Myanmar has about 1.9 million acres of corn, and most of the corn produced in northern and southern Shan States, Kayah State, Kayin State, Ayeyarwady Region and Nay Pyi Taw is exported to the Chinese market. China, which is the main buyer of corn, has been buying less since the 2018-2019 fiscal year, which has led to a continuous decline in prices, said Union Minister Dr. Than Myint.

It is necessary to change the cultivation and production of crops that meet market and export requirements, and export sales. Domestic food processing industries also consume 1.2 million to 1.5 million tons of corn. According to statistics, Myanmar produces about 2.3 million tons of corn per year, out of a global output of over 1,100 million tons, and there is potential for export, as well as increasing domestic feed mills and demand, said U Aung Htoo, Deputy Minister of Commerce and Industry.

The agricultural sector grew by 2.1 percent in the 2018-2019 fiscal year and is targeting a growth rate of 2.5 percent in the 2019-2020 fiscal year, according to the Ministry of Agriculture, Livestock and Irrigation.

In terms of the gross domestic product (GDP) by sector, the agricultural sector is expected to grow by 2.3 percent and the livestock and fisheries sector by 2.9 percent in the 2019-2020 fiscal year, according to the Ministry of Agriculture, Livestock and Irrigation.

The gross domestic product (GDP) in the 2019-2020 fiscal year is estimated to be Ks119.023 trillion at annual prices, with a GDP growth rate of seven percent.

In the 2019-2020 fiscal year, the economic growth target for the agricultural sector is 2.5 percent, the industrial sector is 8.6 percent, and the service sector is 8.1 percent.

The agricultural sector is expected to grow not only for domestic consumption but also for export, to produce seeds for the market, to expand fish and shrimp farming, and to upgrade technology.

The Myanmar Agricultural Development Strategy and Investment Plan (2018-2019 to 2022-2023) has been drafted, said Dr. Aung Thu, Union Minister for Agriculture, Livestock and Irrigation.