In the first six months of the 2020-2021 fiscal year, China topped the top 10 exporter list from Myanmar with 2,940 million, followed by Thailand with over $ 1,550 million

In the six months from October to March of the 2020-2021 fiscal year, China topped the list of top 10 exporters from Myanmar with $ 2,941.56 million, followed by Thailand with US $ 1,551.23 million, according to the Ministry of Commerce. $ 498.39 million to Japan; $ 393.57 million to India; $ 349.06 million to the United States; $ 203.09 million to Spain; $ 202.93 million to Germany; $ 185.02 million to the UK; $ 167.24 million to South Korea; $ 152.96 million was exported to the Netherlands. From October 1 to the end of September of the 2019-2020 fiscal year, Myanmar-China trade amounted to more than $ 12.126 billion, with China importing more than $ 6.724 billion, according to the Ministry of Commerce.

From October to September of the 2019-2020 fiscal year, Myanmar-China trade amounted to $ 12126.278 million, with exports from Myanmar amounting to $ 5,401.943 million and imports from China worth $ 6,724.335 million. In the 2019-2020 fiscal year, Myanmar-India trade amounted to more than $ 1.3 billion, down more than $ 130 million from the same period last year. From October 1 to the end of September of the 2019-2020 fiscal year, Myanmar exported $ 616.464 million worth of exports to India, while India imported $ 696.937 million worth of goods, generating a total trade volume of $ 1,313.401 million.

In the first six months of the 2019-2020 fiscal year, Myanmar’s major trading partners were more than 33 percent with China; Thailand and 13.6 percent; Singapore 9.7%; Japan and 5.3 percent; India and 4%; Pyidaungsu Hluttaw, 34.3% trade with other countries Public Accounts Joint Committee; according to the Findings and Opinion Report No.(8/2020) regarding the first six months report of the National Plan for the fiscal year 2019-2020. From October 1 to the end of September of the 2019-2020 fiscal year, Myanmar’s exports were worth $ 3,095.988 million. Thailand imported $ 5,109.479 million worth of goods worth $ 2013.486 billion. The main priority areas of the National Export Strategy 2020-2025 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, innovation and entrepreneurship, according to the Ministry of Commerce.

Source: Daily Eleven


India signs MoU to import 250,000 tonnes of black gram beans and 100,000 tonnes of pigeon peas from Myanmar through private trade annually from FY 2021-2022 to FY 2025-2026

The Indian government has signed an MoU to import 250,000 tonnes of black gram beans and 100,000 tonnes of pigeon peas from Myanmar through the annual private trade from fiscal year 2021-2022 to fiscal year 2025-2026, according to the Ministry of Commerce. The two sides have been negotiating since 2016 to sign the G to G Memorandum of Understanding (Draft) on black gram beans and pigeon peas trade cooperation between Myanmar and India. At present, the two governments signed a Memorandum of Understanding (MoU) on cooperation between Myanmar and India on June 18, 2021 under the G to G program to promote pulses and pulses trade between Myanmar and India, depending on the volume and consumption needs of Myanmar.

According to the MoU, the Indian government will import 250,000 tonnes of black gram beans and 100,000 tonnes of pigeon peas from Myanmar annually through private trade between the next five years, 2021-2022 to 2025-2026 (April to March), according to the Ministry of Commerce. The G to G MoU will not affect the international bean quota issued annually by the Government of India, and Myanmar bean exporters will also be able to participate in the international guota. In the 2019-2020 fiscal year, more than 1.6 million tonnes of pulses were exported, earning nearly $ 1.2 billion, an increase of nearly $ 190 million, despite a decrease of more than 23,000 tonnes from the previous year.

This fiscal year, Myanmar earned US $ 1,195.483 million (nearly 1.2 billion) from the export of 16.061 lakh tonnes (over 1.6 million tonnes) of pulses. It was 23,000 tonnes less than the previous fiscal year, but earned $ 169.232 million more. Last fiscal year, it exported 1.63 million tonnes of pulses, earning just $ 1.026 billion. Among domestic produced legumes, the black gram beans, pigeon peas and green peas are three main types of import. Among them, black gram beans and green peas are mainly exported to India, while green peas are mainly exported to China and some European countries. Myanmar has over 11 million acres of pulses grown annually, accounting for more than 35% of the total production of pulses and pulses. In Myanmar, a total of 11.45 million acres of pulses are cultivated annually for 18 varieties of pulses. Standing 25 percent; Pulses are grown at 15% and lentils at 8%.

Source: Daily Eleven


Myanmar attracts $3.7 bln FDI as of May-end

Myanmar has drawn foreign direct investment of more than US$3.7 billion in the past eight months of the 2020-2021 financial year, including expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, according to the Directorate of Investment and Company Administration (DICA). 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.

Last month, the UK-listed enterprise brought in large investments of $2.5 billion and became the top source of FDI in Myanmar in the past eight months, DICA’s statistics indicated. Japan stood as the second-largest investors this FY with an estimated capital of $518.76 million from three projects, followed by Singapore investing $428.336 million in Myanmar. Those enterprises listed from Brunei, China, Thailand, India, Malaysia, Republic of Korea, Viet Nam, Marshall Island, Samoa, Hong Kong (SAR) and China (Taipei) also made investments this year. Of 44 foreign enterprises permitted and endorsed by MIC and the respective investment committees between 1 October and 31 May of the current FY, 23 enterprises pumped FDI into the manufacturing sector.

The power sector received six large projects and the livestock and Fisheries sector attracted six projects. Other service sector drew five projects while the agriculture sector pulled two projects and one foreign enterprise each entered industrial estate and the hotels and tourism sectors. 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 businesses 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


Domestic palm oil slips alongside drop in import price

The domestic palm oil has slightly declined, tracking the import price retreat, said U San Lin, chair of Myanmar Edible Oil Dealers’ Association. The palm oil fell to US$995 per tonne in the international market. Consequently, it ranges K2,800-2,900 per viss (a viss equals 1.6 kg) in the domestic wholesale market. The oil palm plants produce fruits in abundance this time. The price is likely to extend its drop up to October if any trade barrier will not occur, U San Lin said. Normally, oil palm plants are plentiful in Malaysia this time. They produce the fruits from June to October.

In early January 2021, production slump in importing countries Malaysia and Indonesia, caused by erratic weather conditions and the COVID-19 impacts, high imports by certain countries under tax reduction, a tax hike on exports in producing countries and the short storage of palm oil in those countries contributed to the rise in edible oil price. The palm oil price stood at $1,055-1,200 per tonne in the foreign market.

Last 7 January, Myanmar Edible Oil Dealers’ Association issued a notice to import the palm oil from foreign countries sustainably for self-sufficiency, distribute the edible oil at a fair price to the consumers and ensure that there will be no edible oil shortage in regions and state when there is a rise in imported oil price. The domestic consumption of edible oil is estimated at 1 million tonnes per year. The local cooking oil production is just about 400,000 tonnes. To meet the self-sufficiency in the domestic market, about 700,000 tonnes of cooking oil are yearly imported.

Source: The Global New Light of Myanmar