A 500-ton cold storage plant on 2.04 acres of land to store fish and shrimp production will be leased under BOT system

Build a 500-ton cold storage plant to store fresh fish, According to the Department of Fisheries, 2.04 acres of land will be leased under the BOT system for shrimp production. Agriculture, Livestock and Irrigation Minister’s BOT system under the Department of Fisheries Survey No. (2/2), Entrepreneurs / companies are invited to submit bids for the construction of a 500-tonne refrigeration plant with a BOT system for the production of fresh and fresh fish and prawns under the BOT system.

Tender proposal and terms and conditions for 10,000 kyats per pair. Administrative department; It can be purchased at Office No. 36, Nay Pyi Taw. Bids will be sold at the Department of Fisheries (Head Office) Nay Pyi Taw during the regular office hours from March 10 to 28, 2022, and an open tender must be submitted there. For more information about the tender, please contact the Department of Fisheries (Head Office); 067-408474. The tender acceptance and scrutiny committee has announced that inquiries can be made at 09-254554347.

From October 1 to February 25, the 2021-2022 fiscal year (Mini Budget) earned more than $ 387 million from fishery exports, up $ 24 million from the same period last year, according to the Ministry of Commerce. In the same period in the 2020-2021 fiscal year, fishery exports earned $ 363.748 million. Compared to the same period last year, as of February 25, the current fiscal year earned $ 24.077 million more than the same period last year.

Myanmar’s fishery products are exported annually to 45 countries, and the meat sector currently exports mainly live animals to neighboring countries across the border. According to the Ministry of Agriculture, Livestock and Irrigation, there is a need for the government and the private sector to cooperate in producing shrimp hatcheries in Myanmar, as shrimp fry are being imported from neighboring countries for commercial shrimp farming. Agriculture accounts for 30 percent of Myanmar’s gross domestic product, with 68 percent of the rural population dependent on the sector, according to the Ministry of Agriculture, Livestock and Irrigation.

Source: Daily Eleven

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Myanmar ships over 710,000 tonnes of various pulses as of 25 Feb

Myanmar delivered US$556 million worth of over 710,616 tonnes of various pulses to foreign trade partners between 1 October 2021 and 25 February 2022 in the half of the current six-month mini-budget period (October 2021-March 2022), according to statistics released by the Ministry of Commerce. Nearly the past five months, the country shipped $515.656 million worth of 662,169 tonnes of pulses and beans to foreign markets through sea routes, and $40.3 million valued 48,446 tonnes were sent to the neighbouring countries through the land borders. India is the main buyer of Myanmar beans, especially black beans, green grams and pigeon peas.

Besides India, Myanmar’s beans are purchased by Bangladesh, Pakistan, Nepal, UAE, Malaysia, Indonesia, China (Taipei), Japan, and European countries. But, the volume of demand by those countries is small, according to the domestic beans market. India’s Ministry of Agriculture and Farmers Welfare approved to import of not only black gram but also other pulses from Myanmar, with relaxations of conditions regarding clearance consignment up to 31 March 2022. The prices of beans are positively related to the exchange rate. Last September, the bean price reached an exorbitant high tracking the Kyat weakening in the local forex market.

The price of black gram hit an all-time high of K2 million per tonne on 29 September 2021 following Kyat weakening against the US dollar (K3,000) in the local forex market. At present, the exchange rate of a US dollar is over K2,000. The price of black beans (Fair Average Quality) stands at K1.428 million per tonne. Similarly, the price of pigeon peas rises slightly to K1.415 million per tonne. More than two million tonnes of various pulses and beans were delivered to foreign markets in the previous financial year 2020-2021 (October-September), with an estimated value of US$1.57 billion, the Commerce Ministry’s data indicated.

At present, the demand for green gram slips due to border trade restrictions amid the COVID-19, with an estimated value of around K125,000 per three-basket bag. Myanmar’s agriculture sector is the backbone of the country’s economy and it contributes to over 30 per cent of Gross Domestic Products. The country primarily cultivates paddy, corn, cotton, sugarcane, various pulses and beans. Its second-largest production is the pulses and beans, counting for 33 per cent of agro-products and covering 20 per cent of growing acres. Among them, black beans, pigeon peas and green grams constitute 72 per cent of bean acreage. Other beans including peanut, chickpea, soybean, black-eyed beans, butter bean and rice bean are also grown in the country. 

Source: The Global New Light of Myanmar

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Muse border trade drastically plummets to $1.78 bln as of 25 Feb

The value of cross-border trade between Myanmar and China via a major trading hub Muse border post plunged to US$549.8 million as of 25 February 2022 of the current mini-budget period (Oct 2021- Mar 2022), indicating a sharp drop of $1.78 billion as against the year-ago period, Myanmar Customs Department’s statistics indicated. The figure significantly dropped from $2.3 billion recorded in the corresponding period of last Financial Year, according to the Ministry of Commerce. Between 1 October 2021 and 25 February 2022, Myanmar’s exports to China through the Muse land border were valued at $525.9 million, while imports are worth $23.9 million.

The trade showed a slump in both exports and imports against the year-ago period. At present, the traders are anticipated for the resumption of the Kyalgaung post which performed the largest trade volume between Myanmar and China in the previous years. The post has been shut down since March 2021. China shut down all the checkpoints linking to the Muse border amidst the COVID-19 pandemic. The checkpoints next to the Muse border are Nantaw, Sinphyu, Man Wein (Kyalgaung), Kyinsankyawt-Wan Ding and Panseng- Wan Ding. Of the checkpoints, Kyinsankyawt has resumed trading activity from 26 November on a trial run. Myanmar daily delivers rubber, various beans and pulses, dried plum, watermelon, muskmelon and other food commodities to China through Kyinsankyawt with the use of a Chinese short-haul trucking service.

Only when China ease the restriction can the trucking rate drop, U Min Thein, vice chairman of Muse Rice Wholesale Centre said. Additionally, China’s new Customs Regulation and mandatory quarantine process posed some hurdles in the border market. Traders cannot expect trade facilitation according to the changes in China’s policy during the COVID-19 pandemic. Myanmar exports agricultural products including rice, beans and corns, and fishery products such as crab, prawn, etc. Furthermore, Myanmar’s natural gas export to China is also conducted through the Muse-Ruili border. The raw CMP materials, electrical appliances and consumer goods are imported into the country. Muse border post witnessed $4.057 billion worth of Sino-Myanmar border trade last financial year2020-2021, including exports worth $2.9 billion and imports worth $1.15 billion.

Source: The Global New Light of Myanmar

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China-Myanmar border post Kyinsankyawt resumes trade, yet over 200 fruit trucks stuck in Wamding

China-Myanmar cross-border Kyinsankyawt post, after a temporary closure following the detection of the coronavirus, resumed its trade however over 200 fruit trucks have been stuck in Wamding area, U Sai
Khin Maung from the Khwanyo fruit warehouse stated. The cross-border trade via China’s Wamding port is pretty complex. Additionally, China’s Customs regulations cause the delay. Moreover, the health inspection team seems to wait for guidance. At present, almost all the buyers of watermelon and muskmelons are quarantined for seven days at the hostels in Changhaw yard. If the melon trucks pass the coronavirus test, they can enter the market on 10 March.

Over 200 trucks are still stuck in the Wamding restricted zone. If the trucks remain stranded in the Wamding area, they cannot expect to resume the trade for now. Despite the closure of the Kyinsankyawt checkpoint, the goods are not given nod to enter the market as the customs clearance process and the COVID tests are being undertaken, he continued. At present, China’s inspection and quarantine mechanism is still processing for the imports of fruits, beans and pulses, corns, and rice, Khwanyo fruit warehouse stated.

Moreover, China’s short-haul trucking cost remains the upward trend. It pointed out greed and grievance in the difficult times. truck-loaded goods worth 40,000 Yuan (estimated at nearly K12 million) will cost over K10 million for general expenses. There is uncertainty for the resumption of trade in cross-border trade. Traders are concerned over the general expenses instead of foreign currency earnings.

Following the detection of the COVID-19 cases in recent days, the short-haul drivers were isolated for two days and the disinfecting activities were carried out. China-Myanmar cross-border Kyinsankyawt post was shut down on 2 and 3 March 2022. China shut down all the checkpoints linking to the Muse border amidst the COVID-19 pandemic. Of the checkpoints, Kyinsankyawt resumed trading activity from 26 November on a trial run. Myanmar daily delivers rubber, various beans and pulses, dried plum, watermelon, muskmelon, and other food commodities to China through Kyinsankyawt and construction materials, electrical appliances, household goods, and industrial raw materials are imported into the country.

Source: The Global New Light of Myanmar

The average inflation rate for the six months from October 2021 to March 2022 is expected to be 6.67%

The average inflation rate for the six months from October 2021 to March 2022 is expected to be 6.67 percent, according to the budget figures for the six months from October 2021 to March 2022, released by the Ministry of Planning and Finance.

The average inflation rate for the period from October 1 to September 30 of the 2020-2021 fiscal year was 1.08 percent for the first quarter from October 1 to December 31, 2020; In the second quarter from January 1 to March 31, 2021, 1.63%; From April 1 to June 30, it rose 5.02 percent in the third quarter and 6.83 percent in the fourth quarter from July 1 to September 30, according to the Central Statistics Office.

The average inflation rate rose for 18 consecutive months from April 2018 to September 2019. Slightly lower in October and November 2019; It rose again in January and February of 2020. April May, June July August September October and November; It dropped again in December.

For the country as a whole, the average inflation rate, calculated on the basis of consumer price in 2012, was 6.83 percent from July 1 to September 30, the fourth quarter of the 2020-2021 fiscal year. Inflation rose 1.81 percent in the fourth quarter from an average of 5.02 percent in the third quarter, according to the Central Statistics Office.

Source: Daily Eleven

Stock trading up in Feb 2022

The equity market rose in February 2022 against the trading in January, the Yangon Stock Exchange’s price data indicated. A total of 61,435 shares valued at US$282 million by seven listed companies were traded on the exchange in January 2022 and the trading volume rose to 80,291 shares in February, with an estimated value of K414.9 million, according to the monthly report of the YSX.

At present, shares of seven listed companies — First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH), Myanmar Citizens Bank (MCB), First Private Bank (FPB), TMH Telecom Public Co. Ltd (TMH), the Ever Flow River Group Public Co., Ltd (EFR) and Amata Holding Public Co., Ltd. (AMATA) were traded in the equity market. The share prices per unit slightly fell to K7,900 for FMI, K2,900 for MTSH, K7,800 for MCB, K19,000 for FPB, K2,600 for TMH, K2,800 for EFR and K4,900 for AMATA respectively in February.

Regardless of the collapse of the stock markets worldwide, the local equities market has been able to continue operating without stopping trading. Additionally, YSX launched a pre-listing board (PLB) on 28 September 2020 to provide unlisted public companies with fund-raising opportunities and build a bridge toward listing on YSX. Next, the Securities and Exchange Commission of Myanmar (SECM) has allowed foreigners to invest in the local equity market since 20 March 2020.

Only K4.63 billion valued 887,969 shares by seven listed companies were traded on the exchange in 2021, showing a significant drop of 63 per cent as against 2020, according to the annual report released by the exchange. In 2020, K12.6 billion worth of 1.87 million shares by six listed companies were traded on YSX, whereas over 2.4 million shares from five listed companies, valued at K13.39 billion, were traded on the exchange in 2019. The YSX was launched four years ago to improve the private business sector. It disseminates rules and regulations regarding the stock exchange and knowledge of share trading through stock investment webinars and training courses.

Source: The Global New Light of Myanmar

Fuel oil price in Ygn market surge up to
over K1,900 per litre

The price of fuel oil surged up to over K1,900 per litre in the Yangon domestic market, according to the fuel oil filling stations. The fuel oil price in other states and regions are ranging between over K2,000 per litre depending on the transport charges. The retail prices of fuel in the Yangon market on 1 January stood at K1,375 per litre for diesel, K1,385 for premium diesel, K1,390 for Ron 92 petrol and K1,440 for Ron 95 petrol.

On 1 March, the fuel oil prices in the Yangon market hit K1,925 per litre for diesel, K1,935 for premium diesel, K1,910 for Ron 92 petrol and K1,965 for Ron 95 petrol. Consequently, the cost per litre of fuel oil rose from over K520 to K550 per litre in over two months. The weakening kyat and rising international crude oil prices have combined to push the cost of fuel oil, it is learnt. Currently, the exchange rate for the US currency has reached around K2,000. The dollar exchange rate against Myanmar Kyat stood at around K1,330 per dollar in early February 2021.

At that time, the price of fuel in the Yangon market fetched K590 per litre for diesel, K605 for premium diesel, K590 for Ron 92 petrol and K610 for Ron 95 petrol. The Central Bank of Myanmar (CBM) is conducting an auction for foreign exchange to reduce the sudden fluctuation of foreign exchange rates. This year, the bank has already sold K65 million in January and K15 million in February. MPTA, in cooperating with the Ministry of Commerce has sold fuel at a fair price since 22 September, which is equivalent to the amount that the oil importers directly purchased the foreign currency from the Central Bank of Myanmar. From 15 September to 19 January, about $140.90 million were sold to the fuel oil sector at the reference rate of the CBM. Myanmar imports around six million tonnes of fuel oil per year, according to the Ministry of Commerce. 

Source: The Global New Light of Myanmar

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From March 2, 141 product lines containing wheat and plastic raw materials will be re-designated as product lines that need to apply for import licenses

From March 2, the Department of Commerce announced that 141 lines of goods containing wheat and plastic raw materials will be added to the list of goods that need to apply for import licenses. Import Newsletter (2/2022). In the aftermath of the Kovis-19 outbreak, businesses may need to be rehabilitated. The country’s exports; According to the Ministry of Commerce, some imported goods will be licensed under the import license system in order to streamline imports and regulate the use of foreign currency for imports.

In order to regulate some imported goods under the import license system, some goods lines are required to apply for import licenses as the first step. The second step is to import some food items with the Import / Export Newsletter (1/2022). Some basic plastic products and some home appliances; Wood pulp, cotton carpets and rugs; Textile All kinds of glassware; According to the 2017 Customs Tariff of Myanmar, which includes bicycle and vehicle spare parts, Hs.

Currently, Hs. As of March 2, 2022, 57 product lines with Code 6 Digit or 141 product lines with Hs Code 10 Digit have been added to apply for import licenses. Therefore, according to Notification No. 68/2020 issued on October 22, 2020, 3931 product lines with Hs Code 10 Digit are required to apply for import license. Hs Code 10 Digit issued by Newsletter on Import and Export (18/2021) with 3070 product lines; Hs Code 10 Digit issued with Newsletter (1/2022) Attached Hs, including 826 product lines. 

The goods specified in the codes are the goods lines that need to apply for an import license, and any of the goods lines that need to apply for a license in paragraph 2 above may be imported by sea. It has been announced that the import of goods by air and border trade will start from March 2, 2022 only after applying for an import license in accordance with the procedures. The list of goods in paragraph (3) above, which is required to apply for an import license, will be issued in accordance with the Import and Export Law. Myanmar imports investment goods, Business raw materials; Consumer goods According to the Ministry of Commerce, CMP raw materials are mainly imported.

Source: Daily Eleven

Republic of the Union of Myanmar
Central Bank of Myanmar

Notication 5/2022

2nd Waxing of Taboung 1383 ME
3 March 2022

  1. The Central Bank of Myanmar has hereby issued this notification exercising the power conferred under Sections 17 and 22 of the Foreign Exchange Management Law.
  2. The Baht/Kyat direct payment is allowed on the Thai-Myanmar border to boost bilateral trade between Thailand and Myanmar, to facilitate smooth flow of goods, to make easy access to cross-border payment between the two countries and to promote local currency in line with the objectives of ASEAN Financial Integration.
  3. The exporters and importers are allowed to open baht accounts at the designated banks for cross-border trade.
  4. Therefore, the designated banks are required to adhere to the guidelines for the direct use of Baht/Kyat on the Thai-Myanmar border.
  5. This notice shall take effect from the date of the issuance.

Than Nyein
Governor

Source: The Global New Light of Myanmar

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Rubber price reaches fresh peak of K1,200 per pound

The prices of raw natural rubber hit a record price of K1,200 per pound in Thuwanawady town, Thaton Township, Mon State. Traders sell only sundried rubber at the moment without processing ribbed smoked sheets. This year, the price is pretty high. The rubber fetches up to K1,100 per pound at the beginning of the season and then, it slightly decreases to K950 per pound. Yet, the price has rebounded to K1,200, which is the highest in ten years. Rubber businesses are thriving this year, said a rubber farmer working on a manageable scale in Wiyaw village.

The price is high on the back of steady demand from Kawthoung city. The prices range between K1,015 and K1,230 per pound depending on rubber varieties,” Daw Htar Shwe, a seller from Theinseik Ward, Thuwanawady town quoted in her sayings. All the stakeholders in the supply chain including rubber farmers and workers are doing well financially. After the suspension of trade between Myanmar and China amidst the COVID-19 consequences last year, the trade channel has been reopened again in the present.

Myanmar daily delivers rubber, various beans and pulses, dried plum, watermelon, muskmelon and other food commodities to China through the Kyinsankyawt border. Mon State is the top producer of rubber in the country, accounting for over 240 million pounds of rubber per year, as per data of Mon State Agriculture Department. The National Enlightenment Institute (NEI), a non-profit organization based in Mon State, has been receiving technical assistance from PUM Netherlands Senior Experts to enhance the rubber industry since May 2021, according to Mawlamyine Commodity Centre.

Rubber is commonly produced in Mon and Kayin states and Taninthayi, Bago, and Yangon regions in Myanmar. As per 2018-2019 rubber season’s data, there are over 1.628 million acres of rubber plantations in Myanmar, with Mon state accounting for 497,153 acres, followed by Taninthayi region with 348,344 acres and Kayin state with 270,760 acres. About 300,000 tonnes of rubber is produced annually across the country. Seventy per cent of rubber produced in Myanmar goes to China.

It is also shipped to Singapore, Indonesia, Malaysia, Viet Nam, the Republic of Korea, India, Japan, and other countries, according to the Myanmar Rubber Planters and Producers Association. About 300,000 tonnes of rubber is produced annually across the country. Seventy per cent of rubber produced in Myanmar goes to China. It is also shipped to Singapore, Indonesia, Malaysia, Viet Nam, Korea, India, Japan, and other countries. Myanmar shipped 303,293 metric tons of rubber to the foreign trade partners and generated more than US$449 million in revenue in the previous financial year 2020-2021, which is an increase of $184.6 million worth of 89,880 MT compared to the FY2019-2020, according to Myanmar Customs Department’s statistics. 

Source: The Global New Light of Myanmar