Yangon to host 7th tourism exhibition

by HOTEL & TOURISM

The seventh tourism exhibition will be held in Yangon in September 2022 to revive domestic tourism,
which is suspended amid the Covid-19 pandemic. Myanmar Tourism Entrepreneurs Association held tourism-related exhibitions to promote tourism development. A total of six events were convened before the Covid-19 pandemic. Plans are underway to hold the seventh tourism exhibition in September.

Normally, the tourism season in Myanmar starts in October and the tourism companies used to sell programmes for domestic and international tours in September. This exhibition will take place at LOTTE hotel in Yangon on 17 and 18 September 2022 and is open to anyone.

Travellers will have the chance to observe and buy domestic and foreign tour programmes. As a special programme, discounted tours will also be exhibited. In the exhibition, information on countries tourists can visit, visa information and restrictions will be available. Flight tickets and tours will also be on sale at special prices during the travel fair by relevant airlines and travel agencies.

Source: The Global New Light of Myanmar

Weekly kitchen goods market update

by ECONOMY

Onion wholesale prices inched higher to K3,000 per viss in Bayintnaung Wholesale Centre in a week ended 23 August 2022. Kyukok potato variety and palm oil wholesale prices dipped last week. The chickpea price rose and price changes are recorded for black gram and pigeon peas.

Rice
In the week ended 23 August 2022, the prices of both high-grade and low-grade rice slightly increased. The wholesale rice prices per bag were K85,000-93,000 for Pawsan from the Shwebo area, K70,000 for Pawsan from Myaungmya and Pathein areas, and K68,000 for Pawsan from the Pyapon area, K53,000 for Pawkywe variety, K50,000 for short matured rice (90 days) and K42,000 for rice grown under multiple cropping.

Chickpea, black gram and pigeon pea
On 24 August, pulses price stood at K1,843,500 per tonne of black gram (Fair Average Quality/RC), K2,148,500 per tonne of black gram (Special Quality/RC) and K1,970,000 per tonne of pigeon pea (red gram) RC, whereas Chickpea prices rose to K4,200-4,400 per viss in the wholesale markets.

Palm oil
The wholesale reference price of palm oil in the Yangon Region is set at K4,860 per viss between 22 and 28 August. The price is up by K720 compared to the rate recorded in the previous week.
The palm oil wholesale prices in the markets declined from K10,000 to K9,500 per viss on 22 August. The palm oil price was estimated at K102,000 per jerrycan.

Onion
Approximately 120,000 visses of onions were supplied to Bayintnaung Wholesale Market on 23 August. Onion wholesale prices climbed to K2,300 -2,900 per viss of onions from Seikphyu Township and K2,450-3,000 per viss of onions from Monywa Township. The prices soared from K1,550-2,300 per viss depending on varieties and size on 13 August. The prices are up by K700 per viss in eight days of the market.

Potato
On 23 August, potatoes moved in the range of K1,450-2,200 per viss depending on qualities, while potatoes from China were valued at K2,400 per viss. The price of potatoes from Shan State is higher than those from China.

Garlic
On 23 August, garlic produced in Aungban town, Shan State fetched K2,400-4,000 per viss depending on the size in the wholesale markets, while Kyukok garlic variety peaked at K3,850 per viss.

Chilli pepper
On 23 August, the prices of chilli pepper moved in the range of K13,000 and K15,000 per viss depending on different varieties (Moehtaung, long red chilli (Panye) and green chilli).

Source: The Global New Light of Myanmar

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Onion wholesale price jumps nearly to K3,000 per viss

by TRADING

The wholesale price of onion in the Yangon market reaches nearly K3,000 per viss (a viss equals 1.6 kilogrammes), Ko Aung, a buyer at Nyaungpinlay market, told the Global New Light of Myanmar (GNLM).
That price is five times higher than the prices recorded in the corresponding period of 2021 and 2020. The onion price increased from K2,050 on 1 August to K2,700 on 20 August, indicating the price rise of K650 per viss, Ko Aung said. On 1 August, the wholesale prices stood at K1,350-1,950 per viss of onion from Seikphyu Township and K1,400-2,050 per viss of onion from Monywa Township.

The prices climbed to K2,000-2,600 per viss of onions from Seikphyu Township and K2,150-2,700 per viss of onions from Monywa Township on 20 August. About 100,000 visses of onions are daily supplied to Yangon markets. The highest prices of onions in regions and states other than Yangon is K2,500 per viss of onion from the Seikphyu area and K3,000 from the Pakokku area. On 20 August 2021, the wholesale prices were K360-475 per viss. During the same period in 2020, the onions were priced at K450-500 per viss. The prices hit a record high of K3,700 per viss in 2015 and 2019.

However, the onion prices registered on 20 August of the years 2015 and 2019 were still lower than the current market price, a market observer U Khin Maung Win shared this information with the GNLM. Approximately 1.8 million visses of onions are stockpiled in the warehouses of Pakokku Township, a resident Ko Lay Aung speculated. On 21 August 2022, no onion truck was seen at the Bayintnaung Commodity Wholesale Market, Ma Ei from the onion warehouse on Yetama Street said. Onion traders are expecting the price to rise to K3,000 per viss. When onion price skyrockets, imported onions are likely to flood the domestic market, a trader shared his opinion.

Source: The Global New Light of Myanmar

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Mineral exports down by $115 mln as of 12 August

by TRADING

The value of Myanmar’s mineral exports has declined by US$115 million as of 12 August since April
2022 in the current financial year 2022-2023 compared to the corresponding period last year. The value of Myanmar’s mineral exports sank to US$139 million in the past four and a half months from $254.448 million recorded in the same period of 2021-2022 mini-budget, the Ministry of Commerce’s data indicated. The coronavirus negative consequences led to the slump in mineral exports during the pandemic.

At present, the majority of the mining businesses suspend operations in the rainy season. Additionally, Lonkhin, Hpakant, Mawlu and Mawhan gem and jade mining businesses in Kachin State have been suspended with a view to supporting sustainable resource extraction for future generations, and ensuring safe and efficient operation of jade and gems mines, according to Myanmar Gems Enterprise. Due to limited extraction of natural resources, exports of minerals had dropped significantly in the previous years.

Investors can seek permits to mine for minerals such as gold, copper, lead and tin. The permits cover prospecting, exploration, and production. Myanmar’s mineral exports touched $895.6 million in the previous FY 2020-2021, showing a significant drop of $975.2 million compared with the year-ago period, according to data from the Ministry of Commerce. About 80 per cent of mineral products are shipped to external markets through sea trade, while 20 of them are sent to neighbouring countries through border trade channels.

Source: The Global New Light of Myanmar

92 Ron price reaches K2,400 per litre

by ENERGY

The local fuel oil prices became higher on 20 August and the 92 Ron was priced at K2,400 per litre in Yangon Region, according to the statement of the Supervisory Committee on Import, Storage and Distribution of Fuel Oil.

Similarly, it was over K2,400 per litre of 92 Ron in Mandalay, Nay Pyi Taw, Bago, Magway, Dawei, Monywa, Pathein, Hpa-An, Mawlamyine, Lashio, Taunggyi and Loikaw while it was over K2,500 in Myitkyina and Sittway, K2,700 in Haka and K2,900 in Kengtung, respectively.

According to the reference prices of the committee, retail prices of the fuel oil were K2,400 per litre of 92 Ron, K2,400 per litre of 95 Ron and K2,490 per litre of HSD (500 ppm) in Yangon yesterday. It was K2,895 per litre of HSD (50 ppm) and HSD (10 ppm).

Moreover, the wholesale prices were set at K2,292 per litre of 92 Ron, K2,376 per litre of 95 Ron, and K2,697 per litre of HSD (500 ppm) and K2,771 per litre of HSD (50 ppm) and HSD (10 ppm). The committee sets the prices based on the MOPS’ prices and the consumers can report to the committee if they are not satisfied with the operations.

Source: The Global New Light of Myanmar

Exporters can use 35% of export earnings: CBM

by ECONOMY

The Central Bank of Myanmar-CBM issued a statement dated 16 August 2022 that exporters can use 35 per cent of export earnings or sell them to authorized dealers (banks) or make remittances to others. According to the CBM’s notification dated 5 August 2022, exporters have to convert only 65 per cent of the hard currencies they earned into local currencies.

Therefore, they can utilize the remaining 35 per cent themselves or sell the dollars to AD or transfer them to others. Regarding foreign accounts of the exporters at the banks, 65 per cent of earnings must be exchanged for local currencies within one working day.

Banks must conduct transactions off the remaining 35 per cent for the use of exporters or remittances or selling. Those entities (company, institutions and individuals) must sell them to ADs or use themselves within 30 days of earnings. Exporters must seek approval from the Foreign Exchange Supervisory Committee to carry out cross-border transactions.

Source: The Global New Light of Myanmar

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Chickpea, potato prices hit three-year high

by TRADING

The prices of chickpea and potatoes reached the highest in three years. On 17 August 2022, wholesale prices of chickpea in Yangon markets touched a high of K4,000-4,200 per viss (a viss equals 1.6 kilogrammes) and potatoes fetched K1,400-2,400 per viss depending on the varieties. The current market price is the highest compared to the corresponding periods of the past two years, said Ko Phyo, a trader who delivers goods to the delta region. On 17 August 2021, chickpea was priced at K2,600-2,700 per viss and potatoes were worth K350-1,100 per viss. On 17 August 2020, the prices stood at K1,700-1,750 per viss of chickpea and K400-650 per viss of potato.

The local consumption of chickpea and potatoes is high. They are one of the key ingredients in Myanmar dishes, said Daw Moe Moe, a housewife. I have to raise the potato curry price along with other meat curry prices as potato prices hit K2,000 per viss, said Daw San, a roadside food vendor. Some substitute the pea for chickpea, said Ko Yan, a seller of pulses in Bayintnaung market. The wholesale price of chickpea stayed below K2,000 per viss as of September 2020. The price rose to K2,250 per viss in the last four months of 2000. In 2021, wholesale chickpea prices climbed to K2,750 per viss. In early 2022, the price jumped to over K3,000 per viss in early 2022.

The price rocketed to K4,000 per viss in mid-August 2022. The chickpeas are mostly supplied by Pyay areas, said Ko Thein, a seller from the Bayintnaung market.  The price in August 2022 is two times higher than the price recorded in 2020. The potato price was mostly below K1,000 per viss in 2020. The highest price in 2020 is K1,450 per viss on 23 September, said Ko Aung, a potato seller from the Nyaungpinlay Market. The potato price reached the lowest of K700 in early 2021 and the highest of K2,450 per viss in late 2021. The potato was priced at K2,400 on 17 August 2022 in the wholesale market. It is the maximized price against the same periods of 2020 and 2021, said Ko Aung. High price benefits growers yet consumers are hurting from rising food prices, Ko Naing, a market observer pointed out. 

Source: The Global New Light of Myanmar

Govt forms steering committee to purchase fuel oil from Russia

by ENERGY

The State Administration Council released Notification No 127/2022 saying the Steering Committee for Purchasing Fuel Oil from Russia was organized.

The committee will import the oil from Russia as per the State policies and economic policies depending on the country’s need, store and distribute the imported quality fuel at reasonable prices, and cooperate with the governmental departments and private organizations in purchasing, importing and transport processes.

It will also submit the needed foreign currency to the government monthly, supervise the arrival of fuel tankers in time and inspect the quality and quantity of oil together with the relevant organizations, it said.

Moreover, it will conduct necessary actions to distribute the fuel oil to Tatmadaw and ministries and supervise the import companies whether they follow the rules and regulations of the Supervisory Committee on Import, Storage and Distribution of Fuel Oil under the Ministry of Commerce.

It will also manage for further needs of the country in addition to fuel oil and petrochemicals produced in Russia in line with the directives of the State Administration Council, it added. Lt-Gen Nyo Saw will serve as Chairman of the 10-member steering committee.

Source: The Global New Light of Myanmar

Domestic palm oil prices up as global production down

Palm oil wholesale reference price up by K615, market price soaring

by TRADING

The wholesale reference price of palm oil in the Yangon market for a week ended 21 August 2022 is set at K4,140 per viss (a viss equals 1.6 kilogrammes), according to the statement released by Myanmar Edible Oil Dealers’ Association on 15 August. The wholesale reference price was set only at K3,525 per viss in the past two weeks (1 to 14 August). The figures showed a sharp increase of K615 per viss this week. Prior to the price hike, palm oil prices rose by K200 per viss in the markets, said Ko Myo, a trader who delivers commodities to the regions outside Yangon. On 15 August, the wholesale palm oil price was offered K9,400 per viss in the markets.

The number of sellers decreased, Ko Aung from the Nyaungpinlay market said. In early August, the consumers can buy palm oil at the retail reference price of K3,700 per viss through mobile markets. However, there is a mismatch between supply and demand. Consequently, the consumers are forced to purchase the palm oil at K10,000 per viss in the market, said a housewife Ma Myint Myint, a resident of Hlinethaya Township. I have to buy vegetable oil at K10,000 per 1.8-litre bottle, said Ma Khaing who is working in Lanmadaw Township.

Both the retail and wholesale prices are moving onwards. The wholesale price on 13 August soared to K9,000-9,100 per viss from K8,600 recorded on 11 August. On the morning of 15 August, palm oil transactions had not been made, said Daw Hlaing Win, a trader from Myingyan. Similarly, the palm oil price was estimated at K91,000 per 10-viss jerry can, indicating an increase of K2,000 per jerry can vis-à-vis the previous day. On 15 August, the price jumped to K10,000 per jerry can, she added. Companies are found to suspend the distribution of vegetable oil with different brands starting from early August. So, I just have to sell the remaining inventory, said Ko Maung Naing, a shopkeeper near the Sinmalaik Market in Kyimyindine Township.

Likewise, different brands of vegetable and palm oil are not on display at the shopping centre in Lanmadaw Township, unlike previous months’ store display. Ma Aye Aye from Lanmadaw muttered that I could not buy them accordingly. Only sesame, soybean, peanut and sesame oil are witnessed on the shelves of the centre. The price tags are K14,500 per viss of peanut, K12,000 for sesame oil, K10,000 for soybean oil, Ma Aye Aye continued. On 13 August, the wholesale prices of edible oil stood at K13,000-15,000 per viss of peanut oil, K9,500-10,000 each for sesame oil and sunflower oil and K7,000-7,500 for soybean oil, according to daily trade data released by the Mandalay Commodity Exchange. Before mid-August when the wholesale reference price was not that high, the wholesale price remained on an upward trend in the markets. Nevertheless, a hike in wholesale reference price this week posed difficulties to the buyers due to the skyrocketing edible oil prices.

Source: The Global New Light of Myanmar

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Over 3,000 tourists visit Myanmar with tourist visas

by HOTEL & TOURISM

More than 3,000 foreign tourists with tourist visas visited Myanmar between 25 May and 12 August, according to the Directorate of Hotels and Tourism. The tourists were from Thailand, Korea, India, Malaysia, Japan, Singapore, the US, Chinese Taipei, Sri Lanka and Viet Nam, data showed.

Myanmar allowed the entry of foreign visitors on 20 May and the tourists entered starting that day and the visitors from Thailand made day trips. Moreover, over 20,000 foreign tourists with business visas entered the country within four months, according to data from the Yangon International Airport and Mandalay International Airport.

Although the entry of tourists is allowed, over 400 local agencies has not renewed their licences. A total of 475 travel agencies including 43 outbound companies will be removed from the company registration lists if they fail to renew their licences, according to the Directorate of Hotels and Tourism. 

Source: The Global New Light of Myanmar