Friday 10 May 2013

Myanmar budgets US$700m earning from fishery export

Myanmar has set a targe of US$700 million from fishery export for the fiscal year 2013-14, which is the same amount with previous year although it was not achieved then, according the Department of Fisheries.


The country is expected to earn $260 million from the border trade of fishery products and $440 million from that of normal sea trade this year, according to the report from the department.

During April 1 to 28, fishery export has earned a total of $42 million, which is combined amount of $19.41 million from border trade and $23.54 million from sea trade.

In the fiscal year 2012-13, actual earning from fishery export fell a little short of the budget as it earned only $652.84 million.

Fishery exporters, however, hope better market conditions this year as the Western countries eased sanctions against Myanmar to support its reform process towards democracy.

Myanmar fishery exporters are raising the quality standards of their products, as they prepare to compete more aggressively in Europe market.

The European Union will restore the Generalized System of Preference (GSP), a system which gives tax advantage to imported goods from poor countries, for Myanmar in June, Han Tun, vice chairperson of Myanmar Fishery Federation, said last week.

“EU will begin GSP [for Myanmar products] in June. We have been exporting fish and prawns to EU. But, it would be better when EU GSP starts. Now, we are preparing the quality of our products to meet the international standards,” He said.

The exporters are also hoping for GSP from the United States, as they have recently resumed trade with the US companies, he added.

source: Eleven Myanmar

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