Wednesday, September 20, 2017

DOF hikes export prices

In a bid to boost export income as the financial year draws to a close, the Department of Fisheries has raised the prices of fisheries products by 5-25 percent.

As of January, total income from fisheries exports reached about US$401 million, leaving a scant two months to hit the target of $700 million for the 2009-2010 fiscal year.

“We earned more than $51 million in January, and need to earn $50 million per month in February and March to reach $500 million by the end of the fiscal year,” said U Khin Ko Lay, director general of the DOF.

Even that figure, which represents about 80pc of the target, would be below last year’s earnings of $561 million.

Setting out the price changes, U Khin Ko Lay told Myanmar Fisheries Federation (MFF), Myanmar Fisheries Products Processors’ and Exporters’ Association (MPEA) and fisheries company representatives that the increases were required because of the shift in exchange rates that has strengthened the Myanmar currency against the US dollar.

Some fisheries products were being sold at below production price, he said.