Myanmar goods exports surpass larger than imports as of 23 Sept

The value of Myanmar’s goods exports was relatively higher than those of imports between 1 April and 23 September in the current financial year 2022-2023, according to statistics provided by the Ministry of Commerce. Myanmar’s trade gap significantly shrank to US$0.024 million this FY from $234 million registered in the corresponding period of the 2021-2022 FY. In the nearly a half of the FY, the value of Myanmar’s external trade soared to $16.3 billion from $13.45 billion recorded in the year-ago period.

While exports were estimated at $8.159.057 billion, imports were valued relatively low at $8.159.033 billion during April-Sept period. Compared to the FY 2021-2022, exports showed an increase of over $1.3 billion, while import value was up by $1.55 billion. Myanmar’s maritime trade value edged up to $12.5 billion in the nearly past six months from $9.5 billion recorded in the same period last year yet the country witnessed a small drop of $135 million in border trade as cross-border trade with the main trade partner China has not returned to normal amid the strict virus policy.

Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods.  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 the import substitution.

Source: The Global New Light of Myanmar

Kyat stronger against foreign currencies in market; Kyat-dollar exchange rate slides to K2,800

Kyat has strengthened against foreign currencies in the forex market. A dollar is exchanged for around K2,800. The hard currency US dollar hit a high of over K4,500 in the forex market in August-end. The current exchange rate is around K2,800 on 29 September. Similarly, a Chinese Yuan was worth K580 in August. On 29 September, the exchange rate of the Chinese Yuan fell to K400. Additionally, a Thai Baht was exchanged for K100 and K100,000 was valued at only 850 Thai Baht last month. On 29 September, the exchange rate of the Thai Baht against Kyat was K75 and K100,000 was converted into 1,330 Thai Baht.

Consequently, Myanmar Kyat rose in the forex market these days. The soaring exchange rates against the local currency last month caused the imports to nearly come to a halt, importers said. That being so, agricultural machinery and related equipment were exempted from obtaining import licence from 1 September, the Trade Department under the Ministry of Commerce notified on 31 August. In a bid to support the country’s agricultural development and facilitate the imports of agricultural machinery, 70 HS lines concerning the agricultural machinery and equipment were eased from licensing requirements.

Between 1 April and 16 September in the current financial year 2022-2023, goods worth $6.82 billion by sea and goods worth $978 million were imported into the country. Imports of consumer goods, capital goods, intermediate goods and raw materials by CMP businesses accumulated to US$7.79 billion. In the corresponding period last FY, Myanmar imported goods worth $6.345 billion from foreign trade partners, with maritime imports valued at $5.027 billion and imports through border channels worth $1.317 billion. Sea-borne imports were up by $1.78 billion yet border imports declined by $339.9 million compared to those recorded in the corresponding period last year. 

Source: The Global New Light of Myanmar

50 international container ships to dock at Yangon port in October

Under the supervision and management support of the Myanma Port Authority in order to increase exports and import volume according to domestic demands, officials are speeding up the smooth flow of trade and goods. In cooperation with shipping lines and import and export operators, 50 international container ships from 13 shipping lines plan to dock at Yangon’s five international ports and Thilawa’s two ports in October, according to the Myanma Port Authority.

At the Yangon ports, there are two sections carried out by Export Cargo and Import Cargo. In the Export Cargo section, the Myanmar Port Authority allows entry with the necessary documents, and after inspection by the Customs Department, the export of goods is processed. In the Import Cargo section, the cargo containers unloaded from the cargo ship are temporarily piled up, and the customers can pay the tax fee with the documents themselves and promptly take out the cargo containers.

Agricultural and livestock products, finished garments, finished industrial products and other products were transported by sea in order to contribute to the economic machinery of the State through entry and exit and smooth export and import processes from the ports. Entry and exit of ocean liners, on the other hand, helps reduce costs for export products. To facilitate the international maritime freight sector, the government takes measures on export of marine products, finished textile and agricultural produce by sea in the early 2022. In October, 50 container ships are scheduled to dock at Yangon’s international ports in order to facilitate the export and import smooth process of agriculture and industrial operators.

Source: The Global New Light of Myanmar