YANGON, Sept. 12 (Xinhua) — Indonesia has entered an agreement with Myanmar to buy 300,000 tons of rice from the latter, more than half the amount of 500,000 tons that Myanmar reserves for export, according to the Myanmar Rice Federation Monday.

During the first four months of the current fiscal year of 2016-17, Myanmar exported 400,000 tons of rice to foreign countries, dropping by 200,000 tons from the same period of the last fiscal year of 2015-16.

In a bid to boost the country's rice export, Myanmar is exploring new markets, seeking to penetrate the markets of the Philippines, Indonesia, Malaysia, Japan and African countries.

According to statistics, Myanmar's total rice export value reached 400,000 U.S. dollars during the first four months of this fiscal year 2016-2017.