Myanmar's fishery export earning drops in 2014-2015

Myanmar's fishery export earning amounted to nearly 420 million U.S. dollars in the fiscal year 2014-15 which ended in March, a drop of 100 million dollars from the previous year, official report said Thursday.

Myanmar's fishery exporters are facing challenges to expand their share of the European Union (EU) market, currently sending only 5 percent of their products to the EU, while 50 percent to neighboring countries, the Myanmar Fishery Federation was quoted as saying.

As fish resources in Myanmar's waters declines, the fishery sector is currently focusing on the breeding industry, it added.

Myanmar's fishery industry has been crippled for three consecutive years by lack of support from the government and less investment, it noted.

Fishery operators stressed that they need to overcome the challenges and the government needs to supply bank loans for the upgrading of fishery plants.