YANGON, Dec. 29 (Xinhua) — Myanmar has set an annual limit of 1.16 million tons of timber for future demand despite annual increase in both local and foreign consumption out of growing number of construction projects, according to the state-run Myanmar Timber Enterprise (MTE) Monday.
The MTE said logging in 2013-14 fiscal year totaled 925,050 tons, while annual production for the current fiscal year of 2014- 15 is at 730,000 tons, of which nearly 130,000 tons of teak and hardwood were extracted up to October.
Myanmar has cut timber production annually aimed at ensuring a sustainable eco-system.
The country also imposed a ban on log export in April this year for the development of local wood-based industries.
Currently, timber logs are sold domestically through open tender system.
According to government forestry sources, Myanmar exports timber to neighboring countries as well as South Korea and Japan.
It has also made a one-year timber trade deal with the United States.
The ministry’s statistics showed that Myanmar earned 236.273 million U.S. dollars from timber sale this year up to October.
Source: Global Post