Under British administration, Myanmar was the second-wealthiest country in South-East Asia. It had been the world's largest exporter of rice. Myanmar also had a wealth of natural and labour resources. British Burma began exporting crude oil in 1853, making it one of the earliest petroleum producers in the world. It produced 75% of the world's teak and had a highly literate population. The wealth was however, mainly concentrated in the hands of Europeans. In 1930s, agricultural production fell dramatically as international rice prices declined, and did not recover for several decades.