Beans earnings fell US$134m despite increased export volume

Myanmar’s beans export earnings fell about US$134 million during the fiscal year ended last month inspite of the fact that more beans were exported, according to the Ministry of Commerce.

Myanmar earned about $1 billion as it exported 1.48 million tonnes of beans during the previous fiscal year, the ministry’s report said.

It means the country exported 10,000 tonnes more than it did in 2011-2012. However, it saw a drop in earning as large as US$134 million, as the amount fell from $1.14 billion to $1 billion.

The drop in bean price in India and other major trading countries was the main factor behind the drop in income, an official from the ministry said.

He said, “Myanmar hit a new record in the fiscal year 2008-2009. Then, it exported 1.54 million tonnes of beans. This year, the beans export volume fell a little short of the record, and reached only 1.48 million tonnes. But earnings were affected by the price drop in overseas market especially India.”

Farmers were the ones, who bore the burnt of the drop in export earnings, a beans exporter said.

He said, “The price drop led to the decrease in earning about $134 million. In fact, that’s the money farmers should get.”

source: Eleven Myanmar

http://elevenmyanmar.com/business/3260-beans-earnings-fell-us-134m-despite-increased-export-volume