sesame-plantation

Peanut, sesame prices spiking tracking resumption of oil crop exports

The prices of peanut and sesame seeds are edging up in the domestic market, the market’s price data indicated. On 1 July, the peanut price moved in the range of K4,100 and K4,400 per viss (a viss equals 1.6 kilogrammes), whereas the price rose to K4,600-K4,700 per viss on 9 June. The figures reflected an increase of K300-K550 per viss. Similarly, the prices of sesame hit the highest of K2,556 per viss of Niger seed, K3,333 per viss of brown sesame and K5,444 per viss of black sesame (Samone variety) on 1 July.

The price rose to K2,711 for Niger seed, K3,933 for brown sesame and K5,778 for black sesame on 9 July. The price of various sesame seeds showed an increase of K150-K600 per viss. After Myanmar’s export ban on oil crops reversed, the prices of peanut and sesame prices inflated. The local millers are also increasingly purchasing them, scaling the stocks down, according to the commodity depots.

Last April, world’s top palm oil exporter Indonesia, which is one of the main oil suppliers to Myanmar, declared an export ban on cooking oil export to reduce domestic shortage. Consequently, Myanmar’s Trade Department under the Ministry of Commerce temporarily suspended exports of oil crops (peanut and sesame) from 9 May to ensure oil self-sufficiency. Exports of Myanmar’s edible oil crops will resume as the world’s top palm oil exporters return to normalcy, according to a notification dated 5 July 2022 released by the Trade Department.

Source: The Global New Light of Myanmar

Govt to grant loans for setting up sunflower oil mills

The government arranges to grant loans for the establishment of sunflower oil mills while the country is promoting sunflower cutivation rate, said Union Minister for Commerce Dr Pwint San during a meeting with members of Edible Oil Import and Distribution Supervisory Committee, Myanmar Edible Oil Millers’ Association and oil importers in Yangon on 9 July.

The Union Minister said it should promote the local production rate to reduce the palm oil import volumes. It is important to produce quality palm oil for the consumers. The country now produces crude palm oil and still needs to produce high quality palm oil. The importers should follow the set rules and regulations, he added.

The government also urged the business people to use Consumer Pack instead of oil barrels in coming fiscal year. He also stressed the advantages of using Consumer Packs such as there will be accountability of companies concerned by describing the trademark in full and protection of the rights and interests of consumers.

Source: The Global New Light of Myanmar

Myanmar manufacturing sector attracts $11 million from China in Q1 (April-June)

Seven Chinese enterprises brought in US$11.112 million into Myanmar’s manufacturing sector in Q1 (April-June) of the current financial year 2022-2023, as per the statistics released by the Directorate of Investment and Company Administration (DICA). Myanmar drew foreign direct investments of $21.99 million in the first quarter. All the investments pumped into the manufacturing sector only. In addition to over $11 million investments by Chinese companies, two enterprises from Hong Kong SAR put $5.7 million and Japan invested an estimated capital of $3.1 million into the manufacturing sector in the past three months.

The existing enterprises from China (Taipei) also increased $2 million investments in the manufacturing sector. The manufacturing enterprises and businesses that need a large labour force of the local community are prioritized in creation of job opportunities, according to the Myanmar Investment Commission. Although some labour-intensive enterprises faced financial hardship amid the COVID-19 negative impacts and the political changes, the industry is now returning to normal after the COVID-19 vaccination programme for the workers, as per the HIS Markit’s September report.

In a bid to boost factory productivity with a healthy workforce in the garment industry, Mobile Medical Check to garment workers took place in Yangon and Nay Pyi Taw, supported by UNICEF Myanmar. Myanmar’s manufacturing sector is largely concentrated in garment and textiles produced on the Cutting, Making, and Packaging basis, and it contributes to the country’s GDP to a certain extent. Myanmar has drawn foreign direct investment of more than $647.127 million from 49 enterprises in the past mini-budget period (October 2021-March 2022). Of them, 40 foreign enterprises put investments in the manufacturing sector, pumping the estimated capital of $202.667 million. 

Source: The Global New Light of Myanmar