Myanmar ships US$680 mln worth of 1.8 mln tonnes of rice in ten months

Myanmar has conveyed over 1.8 million tonnes of rice and broken rice at an estimated value of US$680 million between 1 April 2022 and 25 January 2023, according to Myanmar Rice Federation (MRF).

The export values were recorded at $82 million from 250,947 tonnes in April 2022, $51 million from 153,507 tonnes in May, $50 million from 146,094 tonnes in June, $66 million from 182,550 tonnes in July, $53 million from 156,893 tonnes in August, $37 million from 93,792 tonnes in September, $65 million from 163,189 tonnes in October, $106 million from 264,038 tonnes, $90 million from 228,445 tonnes in December and $79 million from 196,700 tonnes in January 2023, totalling $679 million from 1,836,154 tonnes in ten months in the current financial year 2022-2023.

The export volume hit the lowest in September and the highest in November. Myanmar has been exerting concerted efforts to grow 10 per cent yearly in the rice export sector. To raise foreign income, it has been prioritizing the exportation of high-grade rice and boosting export volume, MRF stated. Myanmar bagged over $700 million from approximately 2 million tonnes of rice export in the 2020-2021FY.

Source: The Global New Light of Myanmar


Yangon International Airport gave services to over 2 million passengers, over 30,000 flights in 2022

In 2022, the Yangon International Airport served a total of 2,149,202 arriving/departing passengers and 33,750 flights, according to the Yangon Aerodrome Company Limited (YACL), which takes responsibilities of services at the Yangon International Airport.

Continuous monitoring and notifying

YACL provides services in accordance with the guidelines of the Department of Civil Aviation (DCA) and the International Civil Aviation Organization (ICAO). In cooperation with relevant partner organizations for running the international flights, it has been monitoring and notifying flight passengers of the arrival/departure restrictions required by the country of travel.

Increase of travellers
In 2021, the Yangon International Airport could serve 723,540 arrival/departure passengers and running of 20,991 flights. There were 133,483 arrival/departure passengers and 2,703 numbers of flights in January 2022. By the end of December, there were 275,658 arrival/departure passengers and 3,388 numbers of flights. As such, the Yangon International Airport gave services to more than two million passengers and more than 30,000 numbers of flights last year. 

Source: The Global New Light of Myanmar


Trade activity on Muse border yet to return to normality

Trade activity at Muse border post has not returned to normalcy in post-Chinese New Year, with only 60 trucks loaded with export and import items flowing in and out of the zone, said U Min Thein, vice-chair of Muse Rice Wholesale Centre. Before the Chinese New Year holidays, about 30 truckloads of rice and broken rice were sent daily to China through the Kyinsankyawt post. The number of trucks has declined to 10 at present. At present, Myanmar exports rice, broken rice, watermelon, sugarcane, corn, pulses, rubber and fishery products to China through Kyinsankyawt post with 40 trucks, and goods are brought in with 20 trucks. Trade is yet to return to normal.

“The CNY has just finished. So, trade has not returned to normalcy. The truck frequency is still less. The banks have not resumed their service. Moreover, the majority of the traders and employees engaged in the cross-border trade are on vacation. However, the trade activity commenced with some export items,” U Min Thein elaborated. Similarly, the Mang Wein border that was reopened in the pre-CNY sees only a small number of trucks, he added. However, only six-wheel trucks driven by Myanmar drivers are allowed to pass the Mang Wein crossing. Other trucks are still not given the green light. Additionally, other goods except for agricultural products (watermelon, muskmelon), minerals and fisheries products are allowed to be sent to China through that border.

Meanwhile, China gives the go-ahead to the imports of construction goods, electrical appliances, medical devices, industrial equipment, consumer goods, household goods and food products only through that border. Myanmar primarily conveys goods to China via the Muse border. Nonetheless, traders usually face challenges amid the policy changes in China triggered by the COVID-19 cases. China shut down the checkpoints linking to the Muse border in wake of the pandemic. Nantaw and Sinphyu border points were suspended on 1 April 2020 and Mang Wein was closed down on 30 March 2021. The remaining Kyinsankyawt and Panseng crossings were also restricted on 8 July 2021. Only the Kyinsankyawt crossing was reopened on 26 November 2021. Additionally, trade activity on the Mang Wein border, which performed the majority of trade, was reinstated on 14 January 2023. Furthermore, Nantaw and Sinphyu border points, major border crossings for people, resumed trade activity on 25 January.

Source: The Global New Light of Myanmar


YRIC endorses 10 CMP-based manufacturing projects with over 4,300 jobs

The Yangon Region Investment Committee (YRIC) endorsed nine foreign enterprises and one domestic business in the power and manufacturing sectors at the recent meeting held on 25 January 2023, creating 4,300 jobs for residents. They will execute solar power projects, milling and production of sunflower oil and peanut oil, refining and production of palm oil, printing and dyeing enterprises, manufacturing of electrical appliances and production of footwear on a Cutting, Making, and Packing (CMP) basis. Those five businesses will bring in an estimated capital of about K6 billion and over US$10 million. YIIC gave the go-ahead to four foreign projects with over 4,300 jobs.

Source: The Global New Light of Myanmar


Myanmar Travel Fair 2023 to be held starting from 27 January

The Myanmar Travel Fair 2023 will be held at the Secretariat Office in Yangon starting from 27 to 29 January. The event will include over 40 booths of travel companies, airlines, hotels, restaurants, handicrafts, local products, local foods, insurance companies, healthcare companies and travel agencies from Thailand and Malaysia.

The event is organized by the Myanmar Tourism Entrepreneurs Association and aims at encouraging the revival of the tourism industry in January, the beginning of the tourist season, according to officials.
In the tourist season of 2023, vacationers are visiting Bagan, Popa, Pindaya, Inlay, Ngapali, Chaungtha, Ngwehsaung, Myeik Archipelago and historical pagodas.

The Myanmar Tourism Entrepreneurs Association and partnership associations together provide services for the pleasure trip to be quick and smooth. Visitors can participate in the lucky draw programme for inbound/outbound air tickets, hot-air balloon tickets and hotel tickets. The fair will be open from 9 am to 6 pm. 

Source: The Global New Light of Myanmar


Rice price skyrockets in domestic market

The prices of new rice spiked in the domestic market, according to the Wadan Rice Wholesale Centre. On 20 January 2023, new Pawsan rice prices moved in the range between K61,000 and K80,000 per bag depending on the producing areas (Shwebo, Myaungmya, Dedaye, Pyapon and, Pathein). Three days after, the prices moved up to K63,000-84,000 per bag. Figures indicated an increase of K2,000-4,000 per bag within three days.

Similarly, the prices of low-grade rice stayed between K43,500-67,000 per bag depending on different varieties (Kyapyan, Emahta, Meedone, Ngasein) on 20 January. The prices touched a high of K45,500-70,000 per bag on 23 January, showing a steep rise of K1,000-4,000 per bag depending on different varieties. High demand for paddy in the market pushed up the rice prices.

Starting from 3 August 2022, Myanmar Rice Federation, Myanmar Rice Producers and Planters Association, Myanmar Rice Millers Association, and traders and brokers engaged in Wadan Rice Wholesale Centre and Bayintnaung Rice Wholesale Centre have been working together to offer fair prices for Shwebo Pawsan from K75,000-77,000 per bag and other rice varieties to the consumers at the Wadan Wholesale Centre.

The offer prices are K52,000-55,000 per bag of Pawsan from the Ayeyawady area, K55,000-60,000 per bag of Kyapyan, and K35,000-37,000 per bag of short-mature rice varieties (90 days) at the Wadan Rice Wholesale Centre. Each household can buy only one bag. Those traders and retailers are not entitled to buy them.

Source: The Global New Light of Myanmar


Fuel oil market sees K100 per litre hike for Octane 92/95

On 20 January 2023, the prices of fuel oil were K2,200 per litre for Octane 92, K2,275 for Octane 95, K2,420 for diesel and K2,500 for premium diesel. On 21 January, the prices declined to K2,305 per litre for Octane 92, K2,385 for Octane 95, K2,480 for diesel and K2,560 for premium diesel. The figures indicated an increase of K60-105 per litre depending on the types of oil within one day. The domestic fuel prices vary following the price index set by Mean of Platts Singapore (MOPS), the pricing basis for many refined products in southeast Asia, according to the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil.

Consequently, the prices touched a high of K2,605 per litre for Octane 92, K2,670 for Octane 95, K3,245 for diesel and K3,330 for premium diesel in late April. The committee is steering the oil sector effectively to ensure adequate supply in the domestic market and price stability for energy consumers. The committee is issuing the daily reference rate for oil to offer a reasonable price to energy consumers. The reference rate is set on the MOPS’s price assessment, shipping cost, profit margin, premium insurance, tax and other general costs.

The rates for regions and states other than Yangon are evaluated after adding the transportation cost and the retail reference rates daily cover on the state-run newspapers and are posted on the media and official website and Facebook page of the department on a daily basis starting from 4 May. The committee is inspecting the fuel stations whether they are overcharging or not. The authorities are taking action against those retailers of fuel stations under the Petroleum and Petroleum Products Law 2017 if they are found overcharging rather than the set reference rate.

As per the statement, 90 per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally. The domestic fuel price is highly correlated with international prices. The State is steering the market to mitigate the loss between the importers, sellers and energy consumers. Consequently, the government is trying to distribute the oil at a reasonable price compared to those of regional countries. Some countries levied higher tax rates and hiked oil prices than Myanmar. However, Malaysia’s oil sector receives government subsidies and the prices are about 60 per cent cheaper than that of Myanmar. Every country lays down different patterns of policy to fix the oil prices. Myanmar also levies only a lower tax rate on fuel oil and strives for energy consumers to buy the oil at a cheaper rate.

Source: The Global New Light of Myanmar  


Kyat weakens to K2,850 against US Dollar on 18 Jan

Kyat stopped falling against greenbacks and the Kyat-US Dollar counter rate has dipped to K2,850 in the local forex market. During 12-15 January 2023, the hard currency was around K2,900 in the unauthorized market. Thereafter, the rate slid again following the meeting of the governor of the Central Bank of Myanmar (CBM) with the money changers (non-bank financial institutions) on 16 January 2023. As they are highly involved in the foreign exchange business, the governor directed them to keep the CBM posted on any market manipulation that destructs price stability.

Consequently, the exchange rate decreased a bit. The CBM set the reference exchnge rate at K2,100 against the US dollar, showing a large price difference of K700 compared to the unauthorized market rate. However, there is no way to set the new price, as per the notification released on 15 January. Some unscrupulous people were allegedly spreading fraudulent news to manipulate the market and attempt to make the dollar gain, stating that changing reference prices and repaying financing for the fuel oil companies, according to the statement. The CBM injected liquidity into the banking sector.

Approximately US$108 million will be sold within 45 days in the market through foreign salary transfers. CBM has set the currency trading band at 0.3 per cent for the Kyat to fluctuate between these two specified upper and lower exchange rates for transactions, selling or buying, according to a directive issued by the CBM on 10 August 2022. Therefore, financial institutions including banks and informal money changer are instructed to set a dollar value at K2,100 for buying and K2,106 for selling. However, those rates are not effective in trading for now. Last August, a dollar value hit an all-time high of over K4,500 in the grey market. Consequently, the CBM sold dollars at its auction market for the sectors in need, to control the soaring dollar. A total of $443.8 million were sold at an auction rate in 2021 as well. 

Source: The Global New Light of Myanmar


Mandalay-Mangshi direct flight to be resumed on 21 Jan

A Mandalay-Mangshi direct flight will be resumed on 21 January and will operate three days a week. Ruili Airlines has temporarily suspended flights due to the Covid-19 pandemic and will launch weekly flights on Tuesdays, Thursdays and Saturdays starting from 21 January. The flight will leave from Mangshi at 5 pm and arrive in Mandalay at 6:10 pm. It will leave from Mandalay at 7:10 pm and arrive in Mangshi at 8:10 pm.

Source: The Global New Light of Myanmar