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The world gold price is around $ 1843 and the local gold price has returned to 1625,000 kyats

On May 15, the world gold price was around $ 1,843, and the local gold price was back to 1,625,000 kyats, according to gold traders. The local gold price, which has been rising steadily since the central bank began selling dollars through some money changers, has returned to around 1625,000 lakh kyats. The local gold price jumped from around 200,000 kyats to around 1690,000 kyats between May 8 and noon on May 12. On May 13, the central bank began selling dollars through some money changers. The central bank sets the US dollar price at 1645 kyats per dollar through some money changers. 

At around 2 pm on May 14, 2021, the world gold price reached around 1,835 dollars and the price of Burmese gold returned to around 1625,000 lakh kyats. At around 2 pm on May 12, 2021, the world gold price rose to around 1,833 US dollars, and the local gold price jumped to around 200,000 kyats in five days, reaching a record high of around 1690,000 kyats. On May 11, 2021, the world gold price hit around $ 1,842, and the local gold price jumped around 100,000 kyats in four days, reaching a record high of around 1620,000 kyats. On May 10, 2021, the world gold price hit around $ 1,836, and the local gold price jumped over 60,000 kyats in three days to around 1580,000 kyats.

The lowest and highest monthly gold prices in the last six months were 1275,000-1335,500 kyats in August 2020; In September, it was 1298,000-1332,000 kyats. In October, it was 1307,500-1319,000 kyats. 12667700-1318,000 kyats in November; 1275,000-13333,000 kyats in December; In January 2021, it was 1316,500-13336,000 kyats. The lowest monthly and highest global gold prices were $ 1,549-1659 in February 2020; $ 1467-1673 in March; $ 1568-1729 in April; $ 1683-1748 in May; $ 1,680-1,779 in June; $ 1769-1975 in July; $ 1859-2075 in August; $ 1848-1975 in September; $ 1858-1933 in October; $ 1764-1966 in November; December 1776-1906 In January 2021, it was $ 1803-1958, with a gap of around $ 40 to over $ 200.

Source: Daily Eleven

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Fuel oil import down by 1 mln tonnes in seven months (Oct-Apr)

MYANMAR imported nearly US$1.2 billion worth 2.7 million tonnes of diesel and gasoline during the past seven months (Oct-Apr) of the current financial year 2020-2021, indicating a sharp drop of 1 million tonnes ($663.347 million) compared to the corresponding period of last year, according to the Ministry of Commerce. In the current budget year, Myanmar imported 1.6 million tonnes ($721.173 million) of diesel and over 1 million tonnes (536.113 million) of petrol, as per data of the Commerce Ministry. Typically, a monthly oil import is estimated at $400 million, yet the oil importers face banking restrictions for maritime trade. Oil importers via land border can use informal payment Hundi system instead, said an importer. At present, the domestic fuel oil price has risen above 30 per cent per litre in three months.

The heightened coronavirus restriction and possible lockdown in Asia sparked oil demand concerns, coupled with a strong dollar exchange rate. The fuel oil was pegged at around K620 per litre for Octane 92, K750 for Octane 95, K660 for diesel and K670 for premium diesel in early February 2021 in the domestic retail market. On 13 May, it rallied to the highest of K1,005 for Octane 92, K1,090 for Octane 95, K1,005 fordiesel and K1,015 for premium diesel, according to the local fuel oil market. Domestic oil price is positively related to the global market and the dollar value. Crude oil futures have rallied to their highest finish in months, with WTI climbing above $65 per barrel in mid-May. Additionally, the foreign exchange rate also affects the petroleum price. The US dollar is gaining against Kyat in the local forex market starting from April, rising above K1,600 per dollar.

In mid-February, a dollar was worth only K1,430. Usually, Myanmar imports fuel oil primarily from Singapore, with monthly volumes touching 200,000 tonnes for gasoline and 400,000 tonnes for diesel. About 2,000 fuel stations and over 50 oil importer companies exist in Myanmar, Myanmar Petroleum Trade Association stated. Last year, the domestic oil prices declined from January owing to a fall in global oil prices. On 8 January 2020, oil prices were pegged at around K905 per litre for Octane 92, K995 for Octane 95, and K985 for diesel and premium diesel. Following the global market crashing, the domestic oil price plunged to more than 50 per cent in April against January’s prices. In late April 2020, the oil prices touched the lowest of K290-330 per litre for Octane 92, K430-455 for Octane 95, K435- 465 for diesel, and K445-475 for premium diesel, according to the domestic oil market. Ninety per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally.

Source: The Global New Light of Myanmar

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In the first seven months of the current fiscal year, Myanmar’s foreign trade fell by almost 30 percent (over $ 5.3 billion) from the same period last year, and exports fell by $ 2.2 billion

In the first seven months of the current fiscal year, Myanmar’s foreign trade fell by almost 30 percent (over $ 5 billion) from the same period last year, and exports fell by more than $ 2.2 billion, according to figures released by the Ministry of Commerce. From October 1 to May 7 of the 2020-2021 fiscal year, the trade volume was only $ 18.086 billion, up from $ 23.428 billion in the same period last year. In the first seven months of the current fiscal year, Myanmar’s foreign trade fell to $ 5.342 billion from the same period last year. The percentage has dropped to almost 30 percent.

During that period, Myanmar’s exports were only $ 8.970 billion, down $ 2.264 billion from the same period last year. Imports were only $ 9.115 billion, down more than $ 3 billion from the same period last year. Myanmar trades with both foreign and maritime trade routes. During the period, maritime trade amounted to $ 11.726 billion, down $ 4.488 billion from the same period last year. Border trade amounted to $ 6.360 billion, down from $ 853.918 million in the same period last year. Animal products Fishery products; Mining products; Forest products; Finished CMP; Other exports are being exported. Imports include investment goods; Industrial raw materials; Consumer goods It is mainly importing CMP raw materials.

Myanmar’s foreign trade in the last fiscal year 2019-2020 was $ 36.731 billion, according to the Ministry of Commerce. In the 2018-2019 fiscal year, the foreign trade volume was $ 35.147 billion. In the first six months of 2018, foreign trade amounted to $ 18.728 billion. In the 2017-2018 fiscal year, the trade volume was $ 33.578 billion. In the 2016-2017 fiscal year, the trade volume was $ 29.209 billion. The main priority areas of the National Export Strategy 2020-2025 to implement export promotion are agro-based food production; Textile and clothing sector; Industry and electronics, fisheries sector, forest products, digital products and services, logistics services, quality management sector, trade Information Services; and innovation and entrepreneurship.

Source: Daily Eleven