YANGON — Myanmar's fishery industry suffered another year of falling exports, official figures showed Tuesday, with poor investment and growing domestic tourism blamed for the shortfall.
Myanmar earned about US$420 million from fisheries exports in the 2014-2015 fiscal year ending March 31, nearly $100 million less than the previous year, according to data from the Ministry of Commerce.
"Low production and a rise in local consumption are the main causes of falling exports, while the fishing industry can't attract sufficient investment," said Toe Nandar Tin, a vice president of Myanmar Fisheries Processors and Exporters Association.
The value of Myanmar's fishery exports fell from $518 million in 2013-2014, and $650 million the year before that. Its main exports are fish and shrimp.
The rise in local consumption is mainly driven by greater tourism numbers, Toe Nandar Tin said.
"Lack of capital leads to lower production and higher local prices," said Myanmar Fisheries Federation adviser Han Tun.
Last year, Myanmar -- still the subject of some international sanctions despite political reforms following decades of military rule -- exported half of its fishery products to China, and 5% to the EU, data showed.