Thousands of trucks are stranded at the Kyin-San-Kyawt checkpoint on the Myanmar-China border, declining in the quality of Myanmar mangoes exported to China at half price

Thousands of trucks on both sides of the border have been stranded due to China’s strict regulations at the Kyinsan-Kyawt Gate, an official gateway to Myanmar-China trade, and prices have fallen by more than half from last year due to delays in the flow of other goods, including 450 perishable mango trucks. Sai Khin Maung, vice-chairman of the Muse 105 Mile Fruit and Vegetable Commodity Exchange, said that mango trucks imported from Myanmar to China are currently facing delays in the quality of mangoes due to delays in entering China. Currently, it is ripened due to delays on the road. In fact, within two days of delivery, they can still get at most three days of convenient fruit. Now, four or five days later, the quality is down and out of stock. About 450 vehicles were stranded on Pansai Road. Today, about 70 vehicles could not get off at the 105-mile orchard due to the lack of roads. Due to this delay, the price of mangoes in the mango market is between 10 yuan and 50 yuan per hint. A Sein-ta-lone mango costs between 25 and 70 yuan, and a mango truck costs 1,900 kyats from Mandalay to China’s Wanding Orchard.

Last year, despite the outbreak of COVID-19 disease, a sein-ta-lone mango fetched more than 100 yuan per mango, and a gold mango costs more than 100 yuan. This year, fruit trucks have been delayed due to delays in arriving at the Wanding orchard. According to Daw Nwe Nway of the Lin Tun Fruit Festival, the price of mangoes imported from Myanmar to China is falling due to better mango production in China than last year. It took four or five days to enter the Wanding Fruit Market, but the quality of the mangoes was declining and the price was not high. Another thing is that China produces a lot of mangoes this year. Depending on the quality, a hint of gold costs between 10 and 50 yuan. A diamond mango costs between 25 and 70 yuan. The mango truck fare is 1,600 kyats from Mandalay to 300 kyats per truck from Wanding Orchard in China, 105 miles from Muse. 

The total cost of medical examination and spraying is 1,900 kyats. Tens of thousands of trucks are now congested at the Qingxuan Gate due to strict Chinese regulations, and queues for between seven and 10 days have been delayed and freight has been delayed. There is a delay because fruit trucks have to miss the nearest exit, Kyin San Kyaw Road. People can only enter from Pansai. In Pansai, there are a lot of cars and raw materials are not given priority over dry goods. It’s like going on par with dry goods. There are many losses. Farmers will have to export harvested plants. People should come and inquire about the condition of the road. At present, the Chinese side is using the Covid disease as a pretext for border trade between Myanmar and China. Myanmar-Chinese import vehicles have been congested at the entrance to Kyin San Kyaw Gate since mid-February, when gates such as the Royal Gate, Naungdaung Gate and Chin Shwe Gate were closed. Recently, the Chinese side tightened inspections at Kyin San Kyawt Gate due to Covid disease, causing delays in exporting Myanmar watermelons and returning to Myanmar, which was delayed due to poor management by the Myanmar side.

Source: Daily Eleven


Domestic gold price hits only over K1.57 mln despite rising of global gold price

The domestic gold bar price hit only over K1.57 million on 27 May despite the rising of the global gold price, according to Yangon Region Gold Entrepreneurs Association (YGEA). The international gold price was around US$1,898 per ounce on 27 May. Although the international gold price stood at only $1834 per ounce on 12 May, the price of precious yellow metal hit the all-time highest of K1,709,000 per tical (0.578 ounce, or 0.016 kilogramme) in history. As a result, the domestic gold price is not rising like international gold. Yangon Region Gold Entrepreneurs Association is taking the necessary measures to stabilize the gold price as per the instructions of the special investigation team, according to an announcement of YGEA issued on 17 May.

At present, the association has closed the gold trading to be able to steady the gold price and urged the members to run a cash-only for the gold transaction. Moreover, illegal importers and those who practise overtrading with negligence will face serious legal action. In January 2021, domestic gold fetched the highest price of K1,336,000 per tical on 6 January. It reached the lowest price of K1,316,000 per tical on 28 January. It got the lowest level of K1,340,000 (2 February) and the highest level of K1,410,000 (3 February). In March, the rate fluctuated between the most elevated of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March). In April, the rate touched the lowest K1,389,000 (1 April) and the highest level of K1,455,000 (30 April), the gold traders said.

The local gold price 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 K1,312,000 (16 November) and the lowest of K1,278,000 (28 November). According to the gold traders, in December, the pure yellow metal priced moved in the range of K1,275,000 (1 December) and K1,333,000 (28 December). With global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to over K1,200,000 (7 August-4 September), and then reaching an all-time record high of K1,300,000 on 5 September in 2019.

Source: The Global New Light of Myanmar


Myanmar attracts $1.25 bln FDI in seven months this FY

Myanmar has drawn foreign direct investment of more than US$1.256 billion in the past seven months of the 2020-2021 financial year, including expansion of capital by existing enterprises and acquisitions in the Thilawa Special Economic Zone, according to the Directorate of Investment and Company Administration (DICA). MIC intends to reach an FDI target of $5.8 billion for the current FY2020-2021. The Ministry of Investment and Foreign Economic Relations has been inviting responsible businesses to benefit the country. Myanmar Investment Commission (MIC) ensures to approve the responsible businesses by assessing environmental and social impacts. The commission is working together with the relevant departments to screen the projects.

Japan has been the top source of foreign direct investments into Myanmar over the past seven months of the current FY. It brought in an estimated capital of $518.76 million with three projects, DICA’s statistics indicated. Singapore stood as the second-largest investors this FY with an estimated capital of $388 million from 13 enterprises, followed by China investing $166.75 million in Myanmar. Those enterprises listed from Thailand, India, Japan, Malaysia, Republic of Korea, UK, Viet Nam, Marshall Island, South Africa, Samoa, China, Hong Kong (SAR) and China (Taipei) also made investments this year. MIC and the respective investment committees permitted and endorsed 42 foreign enterprises between 1 October and 30 April in the current FY. Of 42, 21 enterprises pumped FDI into the manufacturing sector.

The power sector received seven projects, and the livestock and fisheries sector attracted five projects. The other service sectors also drew five projects, while the agriculture sector pulled two projects. One foreign enterprise each entered the industrial estate and the hotels and tourism industries. The FDIs stood at $6.9 million from 158 enterprises in the FY2016-2017, $6.119 billion from 234 businesses in the FY2017-2018, $1.94 billion from 89 projects in the 2018 mini-budget year, $4.5 billion from 298 firms in the FY2018-2019 and $5.689 billion from 253 businesses in the FY2019-2020 respectively, the DICA’s data indicated. Those enterprises have created over 96,000 jobs in the FY2016-2017, 110,000 jobs in the FY2017-2018, over 53,000 jobs in the 2018 mini-budget period, over 180,000 jobs in the FY2018-2019 and 210,000 jobs in the FY2019-2020, respectively.

Source: The Global New Light of Myanmar