Trading

Border trade tops US$8 bln in 2022-2023 FY

by TRADING

Myanmar’s border trade totalled US$8.57 billion in the 2022-2023 financial year. Myanmar’s exports outperformed imports in border trade, with the exports worth $6.086 billion and imports valued at $2.484 billion, according to the Ministry of Commerce.
The value of border trade was estimated at $7.75 billion in the FY 2021-2022, including exports worth $5.413 billion and imports valued at $2.338 billion.
The figures showed an increase of $818.268 million in the FY2022-2023 compared to that recorded in the FY 2021-2022.
Myanmar conducts cross-border trade with neighbouring countries (China, Thailand, Bangladesh and India). Of them, Thailand was ranked first with exports worth $3.479 billion and imports worth $1.876 billion. China was placed second in border trade with exports worth $2.5 billion and imports worth $561.938 million.
Myanmar exports agricultural products, livestock products, fishery products, minerals, forest products, manufacturing goods and other goods to the neighbouring countries.
Myanmar imports capital goods, consumer goods, intermediate goods and raw materials from the CMP enterprises. 

Source: The Global New Light of Myanmar

Fuel oil persists in high prices

by ENERGY

he fuel price stayed on the rise in the domestic market.
On 17 April, the prices stood at K2,235 per litre of Octane 92, K2,300 for Octane 95, K2,095 for diesel and K2,175 for premium diesel.
The domestic fuel prices are set depending on 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.
Last August 2022, the oil prices surged to K2,605 per litre for Octane 92, K2,670 for Octane 95, K3,330 for premium diesel and K3,245 for diesel.
The committee is therefore governing the fuel oil storage and distribution sector effectively not to have a shortage of oil in the domestic market and to ensure price stability for energy consumers.
The Petroleum Products Regulatory Department, under the guidance of the committee, is issuing the daily reference rate for oil to offer a reasonable price to energy consumers. The reference rate in Yangon Region is set on the MOPS’s price assessment, shipping cost, premium insurance, tax, other general cost and health profit per cent.
The rates for regions and states other than Yangon are evaluated after adding the transportation cost and the retail reference rates daily covered on the state-run newspapers and are posted on the media and official website and Facebook page of the department daily 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

MAI to extend Yangon-Chennai-Yangon flights on 6 May

by HOTEL & TOURISM

A new Yangon-Chennai (formerly Madras)-Yangon route will be reportedly extended on 6 May by MAI Airlines.
The flight will run three times a week every Monday, Wednesday and Friday, and will depart from the Yangon International Airport at 8 am and arrive in Chennai at 11:15 am (local time). The Chennai-Yangon flight number 8M 631 will depart from Chennai at 11:15 am and arrives in Yangon at 3:15 pm. The price of the flight ticket is currently set at US$260.
The MAI Airlines currently operates the Yangon-New Delhi-Yangon flight and the Yangon-Bodh Gaya flight three times a week, while the Yangon-Singapore-Yangon route is operated once a week.

Source: The Global New Light of Myanmar

Special commodity tax to be exempted for BEVs

by ECONOMY

The Working Committee on Special Exemptions on Electric Vehicles and Related Industries notified that the special commodity taxes for EVs will be exempted until the end of March 2024.
In the 2023 Union Tax Law, the commercial tax on battery electric vehicles (BEVs) including battery-used electric two-wheeled and three-wheeled vehicles, accessories, and battery charging services, and the special commodity tax on EVs are spared from 1 April 2023 to 31 March 2024.
According to the release, they are working to allow tax exemption until the end of March 2024 since the zero per cent customs duty set for electric vehicles imported from abroad under the CBU, CKD and SKD systems expired at the end of March this year.
It is mentioned in the statement that road/bridge tolls for EV vehicles need not be paid for two years from 1 April of this year until 31 March 2025.
In addition, it is reported that EVs initially registered from 2023 to 2025 have been exempted from 100 per cent wheel tax, city entrance fee, toll, charges for overweight load, showroom fee, business licence, overnight fee, property tax among others. 

Source: The Global New Light of Myanmar

Fish

Myanmar pockets over $700 mln from fishery exports in FY2022-2023

by TRADING

Myanmar generated an income of US$765.947 million from fishery exports between 1 April 2022 and 31 March 2023 in the 2022-2023 Financial Year, according to the Ministry of Commerce.
The figures dropped from $824.513 million in the 2021-2022 FY, showing a decrease of $58.566 million.
Myanmar sends fishery products to foreign markets by sea and border trade.
At present, fishery export is underway. The export volume is still declining.
Myanmar’s fishery products are delivered to Japan, European countries, China, Thailand and neighbouring countries by maritime trade. Fish, shrimp, crab and fishery products are sent to neighbouring countries through Muse, Myawady, Kawthoung, Sittway, Myeik and Maungtaw borders.
More than 20 fish species including hilsa, rohu, catfish, and seabass are exported to foreign markets, according to the Myanmar Fisheries Federation.
Myanmar ships fishery products to over 40 countries, mostly to Thailand and China. 

Source: The Global New Light of Myanmar

CBM to implement Rupee/Kyat direct payments for India-Myanmar trade

by ECONOMY

The Central Bank of Myanmar organized a meeting on procedures to implement Rupee/Kyat direct
payments for India-Myanmar trade with governmental departments, state-owned banks and private banks in Nay Pyi Taw yesterday. The meeting was attended by the governor and vice-governors of the Central Bank of Myanmar, the joint secretary of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the director-general of the Trade Department under the Ministry of Commerce, the deputy director-general of the Customs Department, directors- general, deputy directors- general, officials of stateowned banks and private banks. During the meeting, the officials discussed the successful implementation of Yuan/Kyatand Baht/Kyat direct payment on border trade with China and Thailand, plans to implement Rupee/Kyat direct payments for India-Myanmar trade, formation of a working committee on the implementation of Rupee/Kyat payment system under the lead of CBM comprising representatives of Ministry of Foreign Affairs, Ministry of Planning and Finance, Ministry of Commerce, state-owned banks, State Bank of India, Punjab Nation Bank and Yangon Representative Office. It also focused on the Rupee/ Kyat payment Concept Paper approved by the Reserve Bank of India to be conducted by Myanmar and India with the cooperation of the Indian Embassy in Myanmar, designation of Punjab National Bank, India, as a designated bank to carry out Special Rupee Vostro (SRV) account of Myanmar banks, advantages for bilateral trade and payment methods approved by the central banks of two countries. Then, CBM Governor Daw Than Than Swe said it will take into account the fact of the
Rupee/Kyat direct payment system for normal trade in addition to border trade and the importers and exporters will be informed as soon as the instructions and approval of banking system are received, and she concluded the meeting.

Source: The Global New Light of Myanmar

Private International Education Pwal

by EVENT

Date: 13 – 14 May, 2023

Time: 10:00 AM- 5:00 PM (Local Time)

Venue: Novotel Yangon Max, Yangon , Myanmar

Organizer: JeDerns Pwal Co. , Ltd

Details: “Promoting Private International Education Fair in Myanmar”
They believed every individual is unique, therefore PIEP fairs are organised for the sole purpose of bringing together different institutes and parents/ individuals in a convenient location to enable parents and individuals to find the right institute for their children and themselves. It is also for institutes to educate parents/ individuals about their offerings.They want everyone to be furnished with the right information, from the right sources, which will lead to correct selection of institutes and Parents/ individuals can have the confidence that they made no mistake on their selections. School Categories-Preschool (3yrs – 5yrs) / Primary (5yrs – 11yrs) / Secondary (11yrs – 16yrs) / Pre-Uni (16yrs -19yrs ).

Tankers laden with fuel arrive at Thilawa Port from Singapore

by ENERGY

The tanker ships from Singapore carrying fuel oil arrived at the oil tanks and jetties of Thilawa port
under the management of the Supervisory Committee on Import, Storage and Distribution of Fuel Oil, Ministry of Energy and Myanmar Petroleum Trade Association yesterday.

The officials of these three sectors and the Myanma Port Authority inspected the processes to ensure proper fuel consumption during the Thingyan period and post-Thingyan period. Regarding the arrival of tanker ships, U Kyaw Kyaw, Chairman of the Information Committee of Myanmar Petroleum Trade Association said,” If I report on the fuel at Thilawa Terminal and in Myanmar, the country has 4,337,405 gallons of 92, 10,480,514 gallons of 95, 1,727,403galloons of 97,30,932,299 gallons of diesel and 2,978,945 gallons of premium. We have enough fuel for 30 days except for 97. Another 13 ships will arrive here within 15 days of April. It will be 218,014 tonnes and 60,837,308 gallons. It will arrive here within 15 days. On 5 April, we will have 16,000 tonnes which is 4,793,920 gallons and three ships will dock within the next five days. Today, the remaining amount of fuel at Thilawa Terminals is over 41 million gallons of 92 Ron, 10 million gallons of 95 Ron, 1.7 million gallons of 97 Ron, 19 million gallons of diesel and 18 million gallons of premium diesel.” Then, U Naing Win Tun from the Petroleum Products Regulatory Department said the staff and employees of the ministries concerned led by the Chief Inspector from Petroleum Products Regulatory Department inspected the fuel carried by the tankers, fuel storage at the tankers of Terminals, distribution to fuel stations under the instructions of Supervisory Committee on Import, Storage and Distribution of Fuel Oil. Moreover, the inspectors from respective regions and states also examined whether the fuel tanks filled with fuel at Thilawa terminals arrive at the fuel stations and whether the stations sell as per the reference rate.It also permits to distribute the fuel to factories, industries and other sectors and the country has enough fuel stock. U Phyo Zaw Lwin, Manager of the Shipping Agency Department of Myanma Port Authority said, “Myanma Port Authority arranges the entry and exit of ships. There are over 30 ships every month.

At that time, we also make proper arrangements for the ships so that they can enter and exit day or night depending on the current without any delays. In March, a total of 32 ships unloaded fuel and there are five ships until 4 April. Currently, three ships are discharging fuel at the bridges. There will be eight or 10 more ships to arrive here. According to their nature, we are informed when they finish the loading processes in Singapore and Malaysia. So, there will be between 8 and 10 ships. We mostly import from Singapore now.” Officials are arranging for the entry of fuel oil tankers before and after the Thingyan period, according to the Myanmar Petroleum Trade Association.

Source: The Global New Light of Myanmar

Myanmar, Laos ink MoU amendment on power cooperation, Notice to Proceed (NTP) for cross-border power project

by ENERGY

The MoU amendment signing ceremony on Myanmar-Laos Power Cooperation between the Ministry of Electric Power of Myanmar and the Ministry of Energy and Mine of Lao People’s Democratic Republic and signing ceremony of Notice to Proceed (NTP) to conduct a feasibility study on cross-border power project to hand over to Consortium of PISASAI Energy and Mine Investment Pte Ltd and Primus Sapphire Power Company Limited were held in Nay Pyi Taw yesterday.
First, State Administration Council Member Deputy Prime Minister Union Minister for Transport and Communications Admiral Tin Aung San said Myanmar and Laos are members of ASEAN and GMS and working together closely for regional affairs. According to the MoU made on 15 January 2018, it worked together with PISASAI and Mine Investment Pte Ltd and Primus Sapphire Power Company Limited during five years and it made progresses in power transmission/selling project. Besides the two companies, the two governments should work together closely.
Then, Union Minister for Electric Power U Thaung Han said Myanmar and Laos will conduct a feasibility study on connecting up to 600MW between the two countries by extending the MoU for another five years and Mekong hydropower project development programmes. The cross-border power project will be reached Kengtung in 2024 and Meiktila in 2026 and it will support the electrification of Myanmar.
After that, Laos Minister of Energy and Mines Phoxay Sayasone said the two countries approved extending the MoU on electricity cooperation for five years at the 5th Joint Working Committee (JWC) meeting and the 6th Joint Working Group (JWG) meeting. The MoU includes a cross-border power project and cooperation for the hydropower project. Enhancing bilateral cooperation in the power sector will accelerate the friendship and sector-wise development of the two countries.
Then, the Union Minister and Lao Minister signed the MoU Amendment and exchanged it. Director-General U Soe Myint and officials of PISASAI Energy and Mine Investment Pte Ltd and Primus Sapphire Power Company Limited also signed the Notice to Proceed (NTP) and exchanged it.

Source: The Global New Light of Myanmar

Myanmar aims to achieve an average percapita GDP of K2.45 million

by ECONOMY

It is enacted in the National Planning Law 2023-2024 as a project objective to make the average gross domestic product of individuals (Per Capita GDP) to be more than K2.45 million at annual prices.
The average GDP is expected to increase by K400,000 over the 2022-2023 financial year. It is included in the National Planning Law signed and enacted by State Administration Council Chairman Senior General Min Aung Hlaing, on 31 March.
The National Planning Law, which takes effect on 1 April, is expected to increase gross domestic product and services (GDP) by 4.1 per cent at regular prices. More than K8,300 billion will be invested from the role of State, and it has been determined that only projects that benefit the state and citizens must be implemented.
In the last draft of the National Planning Law 2022-2023, the average gross domestic product of each individual (Per Capita GDP) was targeted to increase from K2,052,528 to K2,222,230 at annual prices.
In the current National Planning Law, the participation ratio of the agricultural sector, the industrial sector and the service sector in the total value of gross domestic product and services in annual prices are expected to reach 2.5 per cent, 4.8 per cent and 6.7 per cent respectively. If the Union Government verifies that the submitted projects do not generate interest, the projects will see rejection, suspension and less approval, the National Planning Law stipulates.

Source: The Global New Light of Myanmar