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Rice export through Muse border comes to abrupt halt

Myanmar’s rice export to China through the Muse land border has stalled amidst the coronavirus concerns, said U Min Thein, vice-chair of Muse Rice Wholesale Centre. The abrupt halt in border trade came after one Myanmar citizen tested positive for COVID- 19 was found in Kyalgaung precious stone market on 29 March. That prompted China to restrict border access at the Mang Wein checkpoint, a major border crossing between Muse and Kyalgaung areas.

After the closure of the Mang Wein checkpoint, exports of Myanmar’s kitchen crops such as onion and chilli, various pulses and beans, rice and broken rice, and the fishery products were totally suspended. Consequently, rice and broken rice inflow to Muse border was not seen either. During the first wave of coronavirus pandemic, the driver substitution system helped lessen the impact on border trade. Even the truck cannot enter the border posts, which makes 100 per cent market collapse in Muse border.

Therefore the traders are urgently calling for the reopening of the Man Wein post at the soonest. Myanmar Rice Federation stated that Myanmar had shipped US$275 million worth of more than 720,000 tonnes of rice and broken rice to foreign countries in Q1 (1 October and 15 January) of the current financial year 2020-2021. The border trade handled over 308,000 tonnes of rice, while maritime trade covered over 418,000 tonnes in Q1. Myanmar generated over $800 million from rice exports in the previous FY2019-2020 ended 30 September, with an estimated volume of over 2.5 million tonnes.

Source: The Global New Light of Myanmar

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US$300 million worth fish auction market project to be implemented in Myeik

A fish auction market project in Myeik with an investment of some US$300 million will be implemented as earlier as possible, said an official from the Myeik Public Corporation. The market will be built on Kyweku-Kyaukphya river bank in Myeik town, Myeik District of Taninthayi Region. The new fish auction market project will include constructing a jetty to load and unload the fish, along with the structure of a residential area. The project has been delayed before, and it will now be undertaken as promptly as possible.

The project can bring revenue to the country and create job opportunities for the locals. Phase 1 of the project is to build a jetty to charge and discharge the fish cargoes and make cold storages. In contrast, Phase 2 of the project will cover the construction of the factories to manufacture finished products from raw materials. Phase 3 of the project comprises the construction of the residential areas. And, Phase 4 involves the building of expansion facilities to support the factories.

Concerning the project, a proposal has been submitted previously. But, the project has yet to complete, and a new proposal has been submitted again. The project will be implemented on a 700-acre plot of land. The Union minister and officials will come to inspect the project area, the Myeik Public Corporation official elaborated. Although the fish auction market project was proposed to carry out on 2,000 acres of land, now it will be built on 700 acres of land if the permit is granted. Upon completing the project, the fish market could be taken back from Thailand, where the Myanmar fish market has externally existed for more than 20 years.

Source: The Global New Light of Myanmar

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YGEA urges members to run cash only for gold transaction

Yangon Region Gold Entrepreneurs Association (YGEA) has called for the members to make the gold transaction with only immediate cash payment. That move will regulate unsustainable rally in the gold market and urge the members to run a cash only for gold transaction in the same regions and states in order to avoid the verbal transactions over calls, said U Myo Myint, chair of YGEA. For instance, a purchase via Mawlamyine, Mandalay, and Pathein over a phone call is unaccepted. Only the transaction with immediate payment in Yangon Region is allowed to avoid unsustainable and unsafe rally.

Last 24 April, YGEA held the meeting, highlighting the stability of the gold market, running cash only for the gold transaction and make a analysis on market rumours. The price of domestic yellow metal reached K1,453,000 per tical on 26 April, tracking the positive international trends. The gold price was ranged between K1,316,000 per tical (28 January) in the minimum and K1,336,000 per tical (6 January) in the maximum. It reached an all-time high of K1,410,000 per tical on 3 February and hit the minimum of K1,340,000 per tical on 2 February. The rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March), the gold traders said.

According to gold traders, the local gold reached the lowest level of K1,310,500 (2 September) and the highest level of K1,314,000 (1 September). In October, the rate ranged between K1,307,800 (30 October) and K1,316,500 (21 October). The rate fluctuated between the highest of K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal priced moved in the range of 1,280,000 (1 December) and 1,332,000 (28 December). With global gold prices on the uptick, the domestic price hit fresh highs last year to reach K1,000,000 per tical between 17 January and 21 February. It crossed K1,100,000 (22 June to 5 August), climbing to over 1,200,000 (7 August-4 September), and then reaching a record high of K1,300,000 on 5 September 2019.

Source: The Global New Light of Myanmar