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Imports drop by $1.47 bln as of 22 January, MOC reports

The value of Myanmar’s imports between 1 October and 22 January in the current financial year 2020-2021 stood at US$4.968 billion, a sharp drop of $1.47 billion from $6.44 billion registered in the year-ago period, according to the data released by the Ministry of Commerce. The value of imports in the consumer, capital, intermediate goods, and CMP businesses groups dropped in the current FY. Over the past three months of the current FY, capital goods, such as auto parts, vehicles, machines, steel, and aeroplane parts, were brought into the country. Their import value was estimated at $1.7 billion.

The figure was $629.6 million lower compared to the same period in the previous FY. Meanwhile, Myanmar imported consumer products worth $1.04 billion, including pharmaceuticals, cosmetics, and palm oil. The imports of consumer products showed a slight decrease of $57.363 million compared with the same period in the previous FY. Intermediate goods make up a large share of Myanmar’s imports, with petroleum products and plastic raw materials being the main import items. This year, imports of raw materials plunged to $1.588 billion from $2.224 billion registered during the year-ago period.

During the same period, raw materials worth $613 million were also imported for the Cut-Make-Pack (CMP) garment sector, showing a decrease of $148.363 million compared with last fiscal year. At present, the CMP garment sector contributing to 30 per cent of Myanmar’s export sector is struggling because of the cancellation of order from the European countries and suspension of the trade by western countries amid the COVID-19. Therefore, import values of raw materials by CMP businesses have been dropping. The top 10 import countries to Myanmar are China, Singapore, Thailand, Malaysia, Indonesia, India, Viet Nam, Japan, the Republic of Korea and the US, as per data of the Ministry of Commerce. 

Source: The Global New Light of Myanmar

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Domestic gold market sees bumpy ride for gold price

The domestic gold market is facing price fluctuation in February. It was opened at K1,385,500 per tical (0.578 ounces, or 0.016 kilograms) on 16 February, the gold traders said. The yellow metal fetched the highest of K1,330,000 per tical in January 2021. And now, it reached a new peak of K1,410,000 per tical on 3 February 2021.

Consequently, Yangon gold market was suspended from governing the volatile gold price on 5 February. The market was reopened on 10 February at K1,373,000 per tical. The prices stood at K1,369,000 per tical on 11 February, K1,363,000 on 12 February, K1,368,000 on 13 February and K1,378,000 on 15 February. Following the emergency meeting held by Yangon Region Gold Entrepreneurs Association (YGEA) on 4 February, the association determined four factors on market volatility.

It urged not to trust in the rumour of withdrawing K5,000 and K10,000, to control the gold trading over concerns, to use cash down payment system and to follow the COVID-19 guidelines issued by the Ministry of Health and Sports. Despite the bull market in Myanmar, the international gold price was sliding. The gold price was pegged at around US$1,856 per ounce on 2 February and $1,823 on 16 February 2021. At present, some retail gold outlets are opened. However, the local market sees more sellers outnumbering the buyers. Additionally, Kyat is gaining against the US dollar in the local forex market at K1,440.

Source: The Global New Light of Myanmar