50 international container ships to dock at Yangon port in October

by LOGISTICS

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

Over 8 mln gallons of fuel unloaded at Thilawa Port

by ENERGY

MT Synergy docked at Thilawa Port and unloaded fuel oil as of 28 September at the terminals of the Thilawa Port in Thanlyin township, the Ministry of Commerce stated. There were 2.45 million gallons of 92 gasoline and 6.14 million gallons of premium diesel on board the vessel, it was reported.

In addition, MT Yu Yi has been unloading 1.86 million gallons of diesel and 2.17 million gallons of premium diesel whereas MT Harmony One has been unloading 2.13 million gallons of 92 gasoline at the terminals of the Thilawa Port in the Yangon Region since 25 September.

In Yangon, prices of fuel do not drop below K2,000 per litre. On 30 September, 92 gasoline was priced at K2,060 per litre, 95 gasoline at K2,150 per litre, diesel at K2,575 per litre and premium diesel at K2,660 per litre, according to statistics.

Source: The Global New Light of Myanmar

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

by COVID

5th Waxing of Thadingyut 1384 ME
29 September 2022

As it is necessary to continuously control the infection of 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 30 September 2022 have been extended until 31 October 2022 for prevention, control and treatment of Coronavirus Disease 2019 (COVID-19).

Source: The Global New Light of Myanmar

Pure gold price continues to fall to K2.7 mln per tical

by ECONOMY

The price of pure gold continues to plunge to K2.7 million per tical (0.578 ounces or 0.016 kilogramme), according to the domestic gold market. The downward trend of pure gold in the domestic market is due to the fall in gold prices in international markets and the slide in the Kyat-dollar exchange rate. At present, gold price is US$1,630 per ounce and a dollar is exchanged at K3,100 in the black market. In late August, the dollar hit a tremendous high of over K4,500 in the unofficial markets. Following the depreciation of Kyat, the pure gold price reached a record-high of K3.7 million per tical.

The prevailing prices of pure gold are K2.7 million per tical for selling and K2.67 million per tical for buying. The governor of the Central Bank of Myanmar (CBM) and officials of the Monitoring and Steering Committee on the Gold and Currency Market discussed matters regarding the stability of the gold and currency market on the afternoon of 14 September in Nay Pyi Taw. At the meeting, the governor of the CBM remarked the further coordination of the departments concerned, gold bar transactions to be made with the banking system and operations of the banks, further support of the ministries concerned and the CBM to achieve price stability, and further cooperation between gold businesspersons and the officials.

The Ministry of Natural Resources and Environmental Conservation declared the sales of gold coins weighing one tical, 0.5 tical and 0.25 tical through state-run media on 2 September. The gold coins have been on sale at Nay Pyi Taw’s Gems Emporium from 5 September. Gold coins were sold at K2.95 million per tical on 5 September, K2.85 million from 6 to 13 September and K2.8 million from 14 to 16 September respectively. A citizenship scrutiny card and its copy are mandatory in buying gold coins cash down. The accumulated sales of gold coins stood at 455.75 ticals as of 16 September, according to the Press Conference of the Information Team of the State Administration Council held on 20 September.

The State’s gold coin market has expanded to Yangon and Mandalay regions from 23 September other than Nay Pyi Taw, the ministry issued an announcement through the state-run media on 22 September. On 28 September 2021, a dollar value hit a peak of over K3,000 in the black market, pushing the pure gold up to K2.22 million per tical. Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on the Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability plays a crucial role in trade facilitation.

The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance with payment rules in the domestic market, and proceeding against those unscrupulous traders who intend to interfere with the free and fair operation of the market under the existing laws, by-laws and regulations in line with the official directives, illegal foreign currency holding, illegal trade and taking legal actions against price manipulators. Furthermore, the officials concerned will crack down on those people involved in charging a percentage for money withdrawals at the banks as shadow money.

Source: The Global New Light of Myanmar

Over 6 mln gallons of oil unloaded at Terminals of Thilawa Port

by ENERGY

The tanker ships carrying more than six million gallons of fuel oil docked at the Terminals of Thilawa Port in the Yangon Region, according to the Ministry of Commerce. On 25 September, the MT Yu Yi ship unloaded 4.03 million gallons of diesel- 1.86 million gallons of diesel HSD and 2.17million gallons of premium diesel PHSD while the MT Harmony One vessel 2.13 million gallons of 92 Ron.

The Supervisory Committee on Import, Storage and Distribution of Fuel Oil drew up the Standard Operating Procedures (SOPs) on fuel import, storage and distribution and reported the fuel imports to the Foreign Exchange Supervisory Committee in September. It allowed 233,594.60 tonnes of fuel oil imports—80,499tonnes of petrol and 153,095.60tonnes of diesel.

According to the remaining amount of fuel oil at the Thilawa fuel storage tank, fuel stations and distribution rate, the country has enough stocks of fuel oil, according to the committee. The officials distribute the fuel oil to the fuel stations across the nation by oil browsers, tankers and trains in time. There are over 2,000 fuel stations and about 70 local oil import companies in Myanmar. Before the Ukraine-Russia conflict, the global crude oil price was $91 per barrel on 24 February and it reaches about $110 now.

When the global oil prices are increasing, the local prices are also on the rise, the oil trader said. According to the global crude oil market on 27 September, the market started at $84.05 and the market price was $84.46 in trading. The price was higher by $0.40 compared to the prices on 26 September. The global crude oil price plunges to the lowest level since January and it is stable and high again due to the rising dollar exchange rate and control of the Central Bank of the United States, market analysts said. 

Source: The Global New Light of Myanmar

Peanut-Food-Oil

Peanut oil price slides tracking peanut price

by TRADING

The prices of peanut and sesame seeds dip owing to the high supply and low demand in the markets. However, the palm oil price showed a slight increase despite oil tankers unloading the palm oil. Although two oil tankers carrying 9,740 tonnes of palm oil docked terminals in Kyimyindine and Thilawa ports on 21 September 2022, the wholesale prices slightly increased in Yangon markets.

The prices stood at K8,200 per viss on 20 September, K7,900-K8,000 on 21 September, K7,200 on 22 September, K7,500 on 23 September and K7,600-K7,700 on 24 September. The reference prices in Yangon were set at K4,730 per viss for a week from 12 to 18 September and K4,690 for a week ending 25 September. During the harvest of peanut and sesame, the prices significantly dropped. The bulk supply from various regions drove the price down to K1,000 per viss of peanuts when both Chinese supply and purchase volume of the local millers were pretty low.

As Yuan value against local currency slides a bit, the price of sesame was down by K20,000 per bag. Approximately 40 ticals of peanut oil are produced if a viss of peanut is milled. A basket of sesame seeds can produce 6.5 viss of sesame oil on the average. The peanut oil prices declined from K13,500-K14,500 per viss on 12 September to K11,000-K12,000 per viss on 25 September. The sesame oil consumption is low in the market so the price remains unchanged at K10,000-K11,000 per viss in the wholesale market.

Source: The Global New Light of Myanmar

Tour operators and travel agencies to compete in competitions of World Tourism Day Ceremony-2022

by HOTEL & TOURISM

The ceremony of the World Tourism Day specified by the United Nations World Tourism Organization-UNWTO is celebrated in Myanmar every year. The World Tourism Day Ceremony 2022 will be held at the Myanmar International Convention Center-II in Nay Pyi Taw on 27 September, and tour operators and travel agencies will participate in the competitions as a special feature this year. “This year, there will be a competition to present business plans as a special programme.

Those who will take a step in tourism will have to compete with business plans including tourism projects, thoughts and ideas. It’s a special programme about how to get tourism back on track. There will be galleries on show at the World Tourism Day 2022 and our representatives will participate in the exhibition as well. We will combine the current popular beaches and destinations in Myanmar to show what new destinations can be visited,” said President U Naung Naung Han of the Union of Myanmar Travel Association.

It is known that the theme of this year’s ceremony is “Rethinking Tourism” and the Myanmar Tourism Marketing Association-MTM including the Ministry of Hotels and Tourism, related ministries, Myanmar Tourism Federation, Union of Myanmar Travel Association, Myanmar Hoteliers Association and Myanmar Restaurant Association will display the topics that can redevelop Myanmar’s tourism industry in relevant galleries.

“There will be around 30 booths related to tourism industry in the exhibition according to the relevant states and regions. Photo exhibition and extempore talk contest were held by the MoHT to mark the World Tourism Day 2022 and the awards will be given to winners at the ceremony,” he explained further. The World Tourism Organization under the United Nations is founded in 1946, and 27 September was set up as the World Tourism Day since 1980, it is learnt. 

Source: The Global New Light of Myanmar

Myanmar’s GDP shows 2-per-cent growth: ADB report

by ECONOMY

Although Myanmar’s GDP showed minus in 2021, it sees two per cent GDP growth within six months after March 2022, according to the report of the Asian Development Bank. In 2021, the businesses showed almost a standstill for political changes and the GDP rate dropped to -5.9 per cent, the report said. The GDP growth is the result of prioritizing the local manufacturing sector and Myanmar’s businesses are running normally in the term of the State Administration Council.

Previously, according to the report of the World Bank, Myanmar’s economy will develop more than before, ADB forecast. Currently, the export incomes from the garment industry and SMEs are increasing slowly and it can develop to five per cent steadily by the end of this FY, according to ADB. In 2021, Myanmar’s economy drastically declined and the expenditure amounted to 23.74 per cent of GDP while the income amounted to 16.18 per cent of GDP and the deficit totalled 7.56 per cent of GDP.

In the first nine months of 2022FY, the country earned $669 million from foreign investment and it showed a decline of 82.2 per cent compared to the previous financial year, according to ADB. Moreover, the inflation rate was 17.3 per cent higher than in previous years. The government makes efforts to increase the export volume and the country earned US$7600.425 million from exports, $7461.545 million from imports and a trade surplus of $138.88 million between 1 April and 9 September 2022. According to the data of the Myanmar Investment Commission, the country received over $1.2 billion from 35 foreign investments until August 2022-2023FY.

Source: The Global New Light of Myanmar

Gold coins available now in Yangon, Mandalay regions

by ECONOMY

The gold coin sales have expanded to new locations in the Yangon and Mandalay regions in addition to Nay Pyi Taw, according to the Ministry of Natural Resources and Environmental Conservation. The ministry declared the sales of gold coins weighing one tical, 0.5 tical and 0.25 tical through state-run media on 2 September. The gold coins have been on sale at Nay Pyi Taw’s Gems Emporium from 5 September. Gold coins were sold at K2.95 million per tical on 5 September, K2.85 million from 6 to 13 September and K2.8 million from 14 to 16 September respectively.

A citizenship scrutiny card and its copy are mandatory in buying gold coins cash down. The accumulated sales of gold coins stood at 455.75 ticals as of 16 September, according to the Press Conference of the Information Team of the State Administration Council held on 20 September. The State’s gold coin market has expanded to Yangon and Mandalay regions from 23 September other than Nay Pyi Taw, the ministry announced through the state-run media on 22 September. The sales price of gold coin for 23 September was not announced yet the pure gold was transacted at K2.8 million per tical in the grey market.

The ministry commenced gold coin sales intending to govern the price hike in the domestic gold market. However, domestic gold prices remain high tracking the soaring US dollar value against the local currency. Kyat is depreciated at K3,200 against the safe-haven US dollar in the black market. In late August, the dollar hit a tremendous high of over K4,500 in the unofficial markets. Following the depreciation of Kyat, the pure gold price reached a record-high of K3.7 million per tical.

The governor of the Central Bank of Myanmar (CBM) and officials of the Monitoring and Steering Committee on the Gold and Currency Market discussed matters regarding the stability of the gold and currency market on the afternoon of 14 September in Nay Pyi Taw. At the meeting, the governor of the CBM remarked the further coordination of the departments concerned, gold bar transactions to be made with the banking system and operations of the banks, further support of the ministries concerned and the CBM to achieve price stability, and further cooperation between gold businesspersons and the officials.

Last 28 September 2021, a dollar value hit a peak of over K3,000 in the black market, pushing the pure gold up to K2.22 million per tical. Under the guidance of the Central Committee on Ensuring Smooth Flow of Trade and Goods, the Monitoring and Steering Committee on the Gold and Currency Market was formed on 17 December 2021 as gold and currency market stability plays a crucial role in trade facilitation.

The objectives of the committee are inspecting and prosecuting market manipulation, checking if there is compliance with payment rules in the domestic market, and proceeding against those unscrupulous traders who intend to interfere with the free and fair operation of the market under the existing laws, by-laws and regulations in line with the official directives, illegal foreign currency holding, illegal trade and taking legal actions against price manipulators. Furthermore, the officials concerned will crack down on those people involved in charging a percentage for money withdrawals at the banks as shadow money.

Source: The Global New Light of Myanmar

Over 230,000-tonne quota set for fuel oil importers in Sept

by ENERGY

More than 230,000 tonnes of fuel oil were allowed to be imported in September 2022, according to the Supervisory Committee on Oil Import, Storage and Distribution of Fuel Oil. The committee draws up Standard Operating Procedures (SOPs) on fuel import, storage and distribution and reports fuel import matters to the Foreign Exchange Supervisory Committee. This month, fuel importers have an import quota of 233,594.60 tonnes, with 80,499 tonnes of gasoline and 153,095.60 tonnes of diesel. That is why fuel oil is sufficient in the domestic market.

Oil tankers are unloading fuel oil at terminals of Thilawa Port; with 51.17 million gallons of diesel and 60.37 million gallons of premium diesel unloaded by MT Yu Dong ship and 42.33 million gallons of Octane 92 and 92.25 million gallons of diesel by MT Yu Hai. 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’ price assessment, shipping cost, profit margin, premium insurance and other general costs. On 23 September, the prices stood at K2,240 per litre for Octane 92, K2,320 for Octane 95, K2,730 for diesel and K2,815 for premium diesel.

However, the market prices are way higher than the reference rates. The authorities are taking action against those retailers of fuel stations under the Petroleum and Petroleum Products Law if they are found overcharging. Additionally, the committee in cooperation with Myanmar Petroleum Trade Association has been distributing fuel oil efficiently to ensure energy sufficiency in each township of the regions and states. However, armed groups’ attacks on fuel oil browsers and barges caused delays in supply to the fuel stations at some townships, according to a statement.

Therefore, to fulfil the energy requirements in some regions and states, the committee is supervising fuel oil import via cross-border areas under the approval of the related state government. Last April, some petrol stations allegedly suspended fuel sales and set limited sales, sparking consumers’ concerns and raising fuel prices. The committee was formed to steer the oil sector effectively not to have a shortage of oil in the domestic market and ensure price stability and quality for energy consumers. Ninety 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 in Myanmar. Every country lays down different patterns of policy to fix the oil prices. Myanmar also poses 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