Myanmar pharmaceutical imports top $303 mln in seven months

The import value of Myanmar pharmaceutical products was estimated at US$303.5 million in the seven months (Oct-Apr) of the current financial year 2020-2021, according to Myanmar Customs Department. Myanmar imports 90 per cent of medicine and medical products through foreign markets, the Myanmar Chamber of Commerce for Pharmaceutical & Medical Device (MCCPMD) stated.

India is the main supplier for Myanmar. Also, it is imported by Bangladesh, China, Germany, Indonesia, Japan, Republic of Korea, Malaysia, the Philippines, Singapore, China (Taipei), Thailand, US and Viet Nam. Trade has returned to normalcy after panic buying during the coronavirus pandemic.

Most commonly prescribed drugs are available in the market. Only some are out of stock for now. At present, pharmaceutical import is regularly flowing. However, the prices of pharmaceuticals were up by 5 to 10 per cent owing to the dollar appreciation. The Ministry of Commerce has cut the red tape for imports of some pharmaceuticals which have been earlier imported.

Source: The Global New Light of Myanmar


Man Wein post possibly to extend shutdown even after three months

Man Wein border post is likely to remain closed in light of the COVID-19 consequences, said U Min Thein, vice chair of Muse Rice Wholesale Centre. In March-end, the coronavirus cases were detected in Shweli (Ruili) and Kyalgaung areas, prompting China to restrict border access from 30 March at the Man Wein checkpoint, which is a major border crossing between Myanmar and China. Man Wein border closure is possibly to be extended even after three months shutdown.

There is less possibility to reopen the Man Wein border post as the COVID-19 cases in Myanmar is surging. Additionally, Man Wein border post is not available for now according to the negotiation with Shweli’s Foreign Affairs Department. The border post will resume the trade only after drawing up a detailed project report, the Trade Department (Muse 105th mile trade zone) stated.

Following the closure of Man Wein post, the major export items such as rice, broken rice, various pulses, fishery products, onion and chilli are being delivered to China through Kyinsankyawt post, which is a major crossing for Myanmar’s fruit exports. However, shipping via Kyinsankyawt post caused traffic congestion and delay. Consequently, Myanmar is currently shipping rice and broken rice via the Bhamo-Lwejel route. During the first wave of the COVID-19, the driver-substitution system was practised in the border area, which helps lessen the impediments to the trade, yet the current restriction exacerbates the border trade, Muse Rice Wholesale Centre stated.

Source: The Global New Light of Myanmar

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Myanmar goods trade deficit with Singapore estimated at $1.38 bln this FY

Myanmar trade deficit in goods with Singapore was estimated at US$1.38 billion in the past seven months (Oct-Apr) of the current financial year 2020-2021, Myanmar Customs Department’s statistics indicated. The value of Myanmar’s bilateral trade with Singapore in maritime trade and border trade topped $1.624 billion in the past seven months.

The Myanmar Customs Department reported that imports surpassed exports in trade with Singapore, with exports reaching over $117.78 million and imports valued at over $1.5 billion. Singapore is Myanmar’s second-largest trading partner in the region, after Thailand.

It accounted for 10.56 pc of total trade in FY2016-2017 with an estimated trade value of $3.4 billion, 11.59 pc in FY2017-2018 with a trade value of $4.15 billion, 9.98 pc in the FY2018-2019 with $3.5 billion and over 12 pc in the FY2019-2020 with $3.8 billion respectively.

Myanmar exports agricultural products such as broken rice, pulses, sesame seeds, onion, footwear, textile and clothing, minerals, and other products to Singapore, while it imports plastic, fuel oil, edible oil, transport equipment, chemical elements and compounds, wheat flour, pharmaceutical products, dairy product and consumer product.

Source: The Global New Light of Myanmar