Myanmar Market Holds Promise for U.S. Soy
A WorldCity analysis of the latest U.S. Census Bureau data shows that Myanmar’s (Burma) trade with the U.S. rose to $674.65 million in the first six months of 2020, a 39.47% increase over total trade during the same time period in 2019. U.S. exports to Myanmar increased 27.01%. In particular, soybean oilcake (other solid residue, not ground) rose 31.31% compared to last year. Year to date, Myanmar has imported soybean oilcake from the U.S. valued at $42.81 million and U.S. soybeans valued at $6.77 million.
Additionally, Timothy Loh, USSEC Regional Director – Southeast Asia, states, “Our U.S. soybean meal exports to Myanmar this season have been very good.”
USSEC has been operating in Myanmar since late 2011, first through the development of its aquaculture program. USSEC’s focus has now shifted to engage the industry on all major animal groups as well as with the government on market access issues.