Burma’s aquaculture production and export in MY 2021/22 will remain flat as COVID-19 restrictions and the military coup continue to dampen the economy. Post anticipates lower U.S. soybean meal (SBM) and distiller’s dried grain with solubles (DDGS) exports to Burma in MY 2021/22 in line with slower aquaculture development and changes in foreign currency controls.
Since Burma initiated a series of political and economic reforms in 2011, U.S. agricultural exports have grown over 80-fold, reaching a record $174 million in 2019 and $167 million in 2020 despite the COVID-19 situation.
On November 9, Burma published new negative import lists that indicate the products required to have import licenses with notification 18/2021, which included apples, grapes, oranges, pears and butter and milk products.
The military coup continues to negatively impact Burma’s economy, and the value of the Myanmar Kyat hit record lows in September. Arriving shipments, however, are being cleared and are not facing many clearance challenges.