The local Fish Food Producers Association announced that it has decided to import food for fish and prawn rather than manufacturing locally, responding to a hike in local prices.
Increasing demand for fish food raw materials from China has driven up the price of fish food over the past year.
In June 2013, the price of one viss (1.6 kg) of sesame, which is used to make fish food, was around K1,200-1,400 ($1.2-$1.4) but this year has increased to K1,450-1,500 ($1.4-$1.5).
Currently, the local fisheries import sesame and bean from India, Argentina, Brazil and America to make fish foods.
“Importing foreign fish food will support Myanmar’s dwindling fishery production,” said Dr Thet Hmuu, chairperson of the association.
With weak government assistance, the number of entrepreneurs in the livestock industry has decreased, directly impacting the fish food market, he added.
“There are many reasons for the price hike. Transportation costs and the demand from China are part of the reason,” said a livestock entrepreneur.
Since the new government came into power, the rate of fish food raw material exports to China has increased significantly, which has caused the price hikes, the entrepreneur criticised.
Source: Myanmar BUSINESS TODAY