March 2022 – Page 5 – Min Myanmar

Myanmar’s manufacturing sector hit a record high in February due to weak purchasing power and power outages, according to the survey

Myanmar’s manufacturing sector rose to a record six-year high in February due to weak purchasing power and power outages in February, according to the IHS Markit Myanmar Manufacturing PMI (Manufacturing Purchasing Managers’ Index) released on March 1. Weaknesses in purchasing power combined with power outages led to the highest rate of work in the survey’s six-year history. For the third straight month, inventories rose to a record high. Myanmar’s manufacturing PMI stood at 47.3 in February, down from 48.5 in January. For the 18th straight month, the PMI fell below 50 points. The February data shows a common chart for companies in Myanmar that are struggling on the downside.

As new orders and procurement fell sharply, inventories rose at a record high in the survey. Political instability; Power outages; They also reported further epidemics and scarcity of raw materials, said an economist at IHS Maekit. At the beginning of 2022, operating conditions in Myanmar’s manufacturing sector declined more rapidly, with production falling for 17 consecutive months, according to a February survey. According to a survey released at the end of 2021, Myanmar’s manufacturing output remained the most economically affected in Asia by the end of 2021. The survey also found that employment volumes fell again during the period and jobs were cut.

Despite low production demand and reports of workers returning to their homes, most respondents pointed out that workers were voluntarily leaving in search of better-paying positions. Outcomes have risen sharply as companies have struggled to find skilled workers and raw materials. Myanmar’s economy remains one of the worst-hit economies in Asia in 2021. According to the IHS Maekit Myanmar Manufacturing PMI released on November 1. Purchasing Manager ‘Indes (PMI) New orders Workplace Five indicators are calculated: suppliers’ delivery time and stockpiles. The survey is based on original data collected from industry by IHS Markit and sponsored by Japan-based Nikkei Media Group.

Source: Daily Eleven

trade-between-myanmar-and-foreign-countries-reaches

Myanmar registers trade surplus as of 18 February

Myanmar’s lower import as of 18 February in the current six-month mini-budget period (October 2021 March 2022) resulted in a positive trade balance of US$249.3 million, according to data provided by the Ministry of Commerce. Myanmar’s exports exceeded imports in international trade although overall trade value declined compared to the same corresponding period of 2020-2021 Financial Year. Between 1 Oct and 18 February, the country’s exports were estimated at $6.103 billion, imports were valued at $5.85 billion this FY. The external trade drastically sank to $11.958 billion from $12.72 billion recorded in the year-ago period.

Myanmar witnessed a slump in exports and imports triggered by the coronavirus impacts. Myanmar’s maritime trade climbed up yet the country witnessed a drop in the border trade following the closure of some border posts by main trade partner China. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods. Moreover, import fall led to the largest trade surplus of $677 million in the last FY2020-2021, with $15.36 billion worth of exports outperforming $14.69 billion worth of imports.

The country’s export sector relies more on the agricultural and manufacturing sectors. The Ministry of Commerce is trying to reduce the trade deficit by screening luxury import items and boosting exports. The country mainly imports essential goods, construction materials, capital goods, hygienic material and supporting products for export promotion and import substitution. The ministry has already notified the importers of the compulsory licencing for some imported items. Import licence can be sought from 1 February 2022, with an aim to respond to the post-COVID-19 economic recovery, ensure systematic import and export process and manage foreign capital inflows.

Source: The Global New Light of Myanmar

Announcement of Central Committee
on Prevention, Control and Treatment
of Coronavirus Disease 2019
(COVID-19)

13th Waning of Tabodwe 1383 ME
28 February 2022

AS it is necessary to continuously control infection of the Coronavirus Disease 2019 (COVID-19), it is hereby announced that public requests, orders, notifications and directives (except for easing the restrictions) released by the Union-level organizations and Union ministries up to 28 February 2022 have been extended until 31 March 2022 for prevention, control and treatment of Coronavirus Disease 2019 (COVID-19).

Source: The Global New Light of Myanmar