Myanmar ships over 136,000 tonnes of pigeon peas as of 25 June

Myanmar exported more than 136,632 tonnes of pigeon peas to the foreign trade partners between 1 October and 26 June in the current financial year 2020-2021, according to the Ministry of Commerce’s trade data. The country generated an income of US$91.54 million from the exports of pigeon peas in nearly nine months. At present, the price of pigeon peas in India is declining on steady inflow from Ethiopia, Tanzania, Malawi and Sudan. The pigeon peas fetch around K1,080,000-1,120,000 per tonne depending on varieties. The demand is quite slow, said an exporter. Myanmar’s pigeon peas are primarily shipped to India and also exported to Singapore, the US, Canada, Pakistan, the UK, and Malaysia. But, the export volume to other countries rather than to India is extremely small.

The domestic bean market is positively related to the law of supply and demand, said an official of Myanmar Pulses, Beans and Sesame Seeds Merchants Association. Myanmar can export 250,000 tonnes of black gram (urad) and 100,000 tonnes of pigeon peas under the G to G (government to government) pact during the April-March period between the 2021-2022 financial year and the 2025-2026 FY. The bilateral negotiations for the G-to-G pact started in 2016 and the two countries signed an MoU on 18 June 2021. Additionally, this G-to-G pact will not relate to India’s yearly quota on bean import. Therefore, Myanmar exporters can ship them under this quota as well. Since 2017, India has been setting import quota on beans including black grams and pigeon peas.

Therefore, the growers faced difficulties to export their beans to the Indian market in the previous years. This year, the G-to-G pact ensured a strong market next five years, along with other relaxations on import quota, Myanmar Trade Promotion Organization under the Ministry of Commerce stated. In the 2017-2018FY, over a million tons of black grams, pigeon peas, and green grams were shipped to foreign countries. Nevertheless, the earnings were registered at just $713 million owing to the price drop. Myanmar shipped over 1.6 million tonnes of different varieties of pulses, especially black grams, with an estimated worth of US$1 billion, to other counties in the FY2018-2019. During the last FY2019-2020 ended September 30, the country delivered 1.6 million tonnes to external market, generating an export value of $1.195 billion. 

Source: The Global New Light of Myanmar


Bilateral trade with Bangladesh hits $32 mln this FY

Bilateral border trade stood at over US$32.89 million as of 25 June in the current 2020-21 financial year, which saw a decrease of $17.7 million from the corresponding period of last year, according to the Ministry of Commerce. The border trade during the period has dropped by $17.7 million, compared with that of the same period last year when the total bilateral border trade was only $50.6 million.

The country’s exports to Bangladesh totalled $14.28 million, while its imports were $18.6 million. Myanmar exports goods to Bangladesh through both maritime and land routes. Bilateral border trade is conducted mainly through the Sittway and Maungtaw points of entry.

The products traded between the two countries include bamboo, ginger, peanuts, saltwater prawns and fish, dried plums, garlic, rice, mung beans, blankets, candy, plum jams, footwear, frozen foods, chemicals, leather, jute products, tobacco, plastics, wood, knitwear, and beverages. At present, Myanmar’s border trade with four neighbouring countries—China, India, Thailand and Bangladesh totalled $7.65 billion, shared by $4.98 billion in export and $2.66 billion in imports. 

Source: The Global New Light of Myanmar


CBM sells $3 million for first time in July

The Central Bank of Myanmar (CBM) sold US$3 million on 5 July for the first time this month at an auction market rate of K1,625. The CBM reportedly sold $12 million at an auction rate in June. The CBM’s move is aimed at governing the market volatility. The bullish hard currency gained in the local forex market, reaching the peak of K1,730 on 12 May from K1,330 in January-end. In a bid to control the sharp daily gains of the US dollar, the CBM reportedly sold about 6.8 million dollars on 3 February 2021, 6 million dollars each on 22 and 27 April, $24 million in May and $12 million in June in the auction market.

Consequently, the exchange rate stands at K1,650 at present. The CBM trades the foreign currency with the authorized private banks under the rules and regulations of the FX auction market. The local forex market’s data showed that the dollar exchange rate touched the maximum of K1,345 and the minimum of K1,327 in January 2021. The rate moved in the range of K1,335-1,465 in February. It reached the lowest of K1,420 and the highest of K1,550 in March. The rate fluctuated between K1,550 and K1,610 in April. The rate fluctuated between K1,585 and K1,730 in May and it moved to the maximum of K1,595-1,620 last month.

In 2020, the exchange rate moved in the range of K1,465-1,493 in January, K1,436-1,465 in February, K1,320-1,445 in March, K1,395-1,440 in April, K1,406-1,426 in May, K1,385-1,412 in June, K1,367-1,410 in July, K1,335-1,390 in August, K1,310-1,355 in September, K1,282-1,315 in October, K1,303-1,330 in November and K1,324-1,403 in December. In 2019, the rates are pegged at K1,508-1,517 in July, K1,510-1,526 in August, K1,527-1,565 in September, K1,528-1,537 in October, K1,510-1,524 in November and K1,485-1,513 in December. On 20 September 2018, the dollar exchange rate hit an all-time high of K1,650 in the local currency market.

Source: The Global New Light of Myanmar