epa07799064 A general view shows trucks loaded containers at Asia World shipping container terminal in Yangon, Myanmar, 28 August 2019. According to figure by Myanmar Ministry of Commerce, Myanmar's total trade with foreign countries reached over 30.593 billion USD as of 16 August 2019 in present fiscal year (from 01 October 2018 to 31 September 2019), of which the export reached 14.69 billion USD while the import was 15.903 billion USD. In 2017-2018 October to September fiscal year, the total trade was 35.895 billion USD and the trade balance had a deficit of 3 billion USD. The most important exports in Myanmar are manufactured products whereas the non-electric machinery and transport equipment are the major products of imports. EPA-EFE/LYNN BO BO

External trade down $7.15 bln this FY

by TRADING

Myanmar’s external trade between 1 October and 30 September in the financial year 2020-2021 indicated a significant down to US$ 29.58 billion, a sharp drop of over $ 7.15 billion compared to that of the last year, according to the Ministry of Commerce. During the same period in the previous FY, the trade stood at $36.73billion, according to data released by the ministry.

Over the past months, Myanmar’s export was worth over $14.93 billion, which plunged from $17.68 billion registered a year-ago period. Meanwhile, the country’s import was valued $14.66 billion, showing asignificant decrease of $19.05 billion compared with the last FY. 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 focusing on reducing the trade deficit, export promotion and market diversification. The external trade stood at $36.73 billion in the 2019- 2020FY, $35.147 billion in the 2018-2019FY, $18.728 billion in the 2018 six-month interim period, $33.578 billion in the 2017- 2018FY and $29.209 billion in the 2016-2017FY, respectively, as per the Commerce Ministry’s statistics.

Source: The Global New Light of Myanmar

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Livestock, fisheries attract six foreign investment projects in 2020-2021FY

by INVESTMENT

The livestock and fisheries sector attracted six foreign investment projects during the last financial year 2020-2021, according to the Directorate of Investment and Company Administration (DICA).

Those businesses brought in about US$19.698 million, including the expansion of investments by the existing joint ventures. They are executing layer farming, pig farming and sales of pigs, production and farming of eggs and shrimp, as per data of the DICA.

Since 1988-1989FY, about $924.5 million of FDI have flowed into the livestock and fisheries sector. Next, 16 countries have invested in the livestock and fisheries sector so far. Among them, Thailand has topped the list of investments, with over $380 million, followed by Singapore with about $130 million. Myanmar’s livestock and fishery sector are crucial to the livelihoods of many vulnerable households and contribute to improving nutritional outcomes in the country.

Source: The Global New Light of Myanmar

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In the first 11 months of the 2020-2021 fiscal year, the CMP garment sector was the largest exporter with over US $ 3,240 million, followed by natural gas with over US $ 2,693 million

by MANUFACTURING

In the 11 months from October to the end of August of the 2020-2021 fiscal year, Myanmar exported more than $ 3,240 million worth of garments from the CMP sector, followed by natural gas at more than $ 2,693 million, according to the Ministry of Commerce. In the 11 months from October to August of the 2020-2021 fiscal year, Myanmar exported $ 3,240.04 million worth of garments through the CMP wage system. Exports of natural gas were $ 2,693.78 million and rice and broken rice were $ 661.41 million.

In the 11 months to August of the 2020-2021 fiscal year, Myanmar topped the list of top 10 exporters with $ 4,760.55 million, followed by Thailand with $ 3,002.05 million. $ 855.20 million to Japan; $ 729.97 million to India; $ 566.66 million to the United States; $ 397.42 million to Germany; $ 361.16 million to Spain; $ 352.47 million to the UK; $ 324.26 million to the Netherlands; It exported $ 278.58 million to South Korea.

From October 1 to the end of September of the 2019-2020 fiscal year, Myanmar-China trade amounted to more than $ 12.126 billion, and China imported more than $ 6.724 billion worth of imports. From October to September of the 2019-2020 fiscal year, Myanmar-China trade amounted to $ 12126.278 million, with exports from Myanmar worth $ 5,401.943 million and imports from China worth $ 6,724.335 million. The main priority areas of the National Export Strategy 2020-2025 are agro-based food production, textiles and clothing; Industry and electronics; Fisheries sector; Forest products; Digital products and services; Logistics services; Quality management sector; Trade Information Services; And innovation and entrepreneurship.

Source: Daily Eleven

The Central Bank announces trading of Chinese Yuan and Japanese Yen will be allowed

by ECONOMY

The Central Bank of Myanmar announced on October 12 that it will allow the trading of Chinese Yuan and Japanese Yen.

In accordance with Directive No. (16/2021) issued on 12 October, Directive No. (6/2011) issued to licensed banks and non-bank organizations engaged in foreign exchange trading; (7/2011). In addition to the five foreign currencies allowed to buy and sell in accordance with (16/2012) and (17/2015), it is also allowed to buy and sell Chinese RMB and Japanese Yen.

In Myanmar, US dollar, Euro dollar, Singapore Dollar, Malaysian Ringgit, Thai baht, and the Japanese yen have also been allowed to trade in foreign currency. All Banks with Authorized Dealer License All banks with Money Changer License; It has been distributed to all non-bank companies with the Money Changer License.

Source: Daily Eleven

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Myanmar aquaculture exports down by 8.6% in 2020-2021FY

by TRADING

The value of Myanmar’s aquaculture exports in the financial year 2020-2021 (October-September) dramatically dropped to US$784.889 million, showing a decrease of 8.6 per cent compared to the previous FY2019-2020, as per the statistics released by the Ministry of Commerce. The figures fell short of $74 million to reach the value recorded during the year-ago period. Myanmar shipped $858.95 million worth of fishery products to the external market in the corresponding period of last FY. Myanmar Fisheries Federation (MFF) is attempting to grow fishery export regardless of the COVID-19 disruption on maritime trade, closure of land borders and fuel oil price instability. Despite the open season of offshore fishing, Myanmar’s fishery export industry is facing a series of challenges such as the oil price hike, surge in container shipping rate, the closure of border posts, disruption on maritime trade and the COVID-19 negative impacts.

Consequently, it will harm the export sector somehow in the long term. “If the border posts resume the trade activity, the trade will go smoothly. The closure of the border posts is triggered by the COVID- 19 threats. The cross-border between Myanmar and Bangladesh is still open for trade. The federation is planning to export fishery products to Bangladesh. Myanma Port Authority is also ensuring smooth freight flow with non-stop operation. The federation is attempting to tackle these fishery export hurdles,” said Dr Toe Nanda Tin, senior vice-president of the MFF. The price of fish fell by half. The high input cost such as fishing net, oil price posed another burden for the industry, coupled with the devaluation of Kyat in the forex market, Mawlamyine Commodity Centre stated. The marketable fish products, especially fish, shrimp, eel and crab from Taninthayi and Ayeyawady regions and Rakhine state are primarily exported to foreign markets.

The federation is turning to the Bangladesh market with export potentials. MFF is working together with the stockholders in the supply chain to have sustainable export growth The fishery exports through the Sino-Myanmar border has ground to a halt following the consequences and safety measures on the imported seafood amid the COVID-19 pandemic, traders stressed. Myanmar’s fishery export was experiencing a downturn due to the import restrictions triggered by the detection of the COVID-19 on fish imports in China. Chinese market constitutes about 65 per cent of Myanmar’s fishery exports. China accounted for US$254 million out of overall fishery export value of over $850 million in the past financial year 2019-2020. At present, China shut down the border areas in the wake of the COVID surge in Myanmar. Myanmar Fisheries Federation stated that only a G2G pact can tackle problems being faced in the export of farm-raised fish and prawns and ensure smooth freight movement between countries to bolster exports.

Myanmar exports fisheries products, such as fish, prawns, and crabs, to markets in 40 countries, including China, Saudi Arabia, the US, Japan, Singapore, Thailand, and countries in the European Union. The MFF is making concerted efforts to increase fishery export earnings by developing fish farming lakes that meet international standards and adopting advanced fishing techniques. To ensure food safety, the foreign market requires suppliers to obtain Hazard Analysis and Critical Control Points (HACCP) and Good Aquaculture Practices (GAqP) certificates. To meet international market standards, fishery products must be sourced only from hatcheries that are compliant with GAqP. The MFF is working with fish farmers, processors, and the Fisheries Department under the Ministry of Agriculture, Livestock, and Irrigation to develop the GAqP system. Processors can screen fishery products for food safety at ISO-accredited laboratories under the Fisheries Department. There are 480,000 acres of fish and prawn breeding farms across the country and more than 120 cold-storage facilities in Myanmar.

Source: The Global New Light of Myanmar

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Over 9 mln people vaccinated against COVID-19 in Myanmar as of 8 Oct

by COVID

Myanmar has vaccinated over 9.574 million people against COVID-19 as of 8 October 2021, the Ministry of Health stated. Up to 8 October, there are 4.083 million people who completed full doses of vaccine and about 5.49 million people received single doses of Covid jab, according to the ministry. Fifty per cent of the total population is expected to get vaccinated at the end of this year.

The country has already received 18 million doses of vaccine until 9 October, including two million doses of Covishield vaccine, 14 million doses of Sinopharm vaccine and two million doses of Sinovac vaccine. Myanmar has also accepted over six million doses of COVID-19 vaccines from China, India and Russia, according to the ministry. Besides, Myanmar has already purchased 24 million Sinopharm vaccines from China under the contract system.

As soon as vaccines arrive, Myanmar will administer them to 12 million people aged between 40 and 64. The Ministry added that it plans to vaccinate 20 per cent of the adult population by end of September, 50 per cent of the adult population by the end of 2021, and 70 per cent of the adult population by mid-2021. The adult population includes any persons who are 18 or older. So far, about 9.574 million adults have received two doses of the Covid-19 vaccines, while 36.9 million adults are vaccinated with one dose.

Source: The Global New Light of Myanmar

Fuel prices fall in Yangon

by ENERGY

The fuel prices in Yangon City have risen to the recorded high in recent months, but have fallen slightly on recent days, according to filling stations of Yangon. The fuel prices drop recently. The officials notified the stations of selling at normal prices since last month.

According to a taxi driver who has been driving a taxi for over a decade, he has never faced such difficulties before. He stopped his driving as the fuel prices were drastically high last months. Myanmar’s economic market also creeps up faster than the planes. Although it has been creeping up quickly, it drops in a slow momentum. But people get used to facing such case in Myanmar. In September, the Ministry of Commerce and Myanmar Fuel Importers Association jointly conducted the measures to sell the fuel at the fairer prices at 231 filling stations across the nation.

Due to the queuing of vehicles at these designated fuel stations in Yangon, some stations reduce the prices than the fixed ones and liters, according to car owners. At these designated filling stations across the nation including Yangon, they sold at K1,122 per litere for Ron 92 while K1,117per litre for diesel and K1,124 per litere for premium diesel starting 22 September. However, these stations are currently run out of allocated oil and they sell as usual. The fuel prices in Yangon yesterday were K1,455 per litre for 92 octane, K1,490 per litre for 95 octane, K1,470 per litre for diesel and K1,475 per liter for premium diesel. Although the prices of fuel are different depending on the station, they become lower than before.

Source: The Global New Light of Myanmar

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Manufacturing sector attracts $286 mln last FY

by MANUFACTURING

Majority of foreign enterprises eye the manufacturing sector for investments in the last financial year 2020-2021, pumping the estimated capital of US$286 million into 27 projects, the Directorate of Investment and Company Administration stated. The manufacturing enterprises and businesses that need large labour force are prioritized, the Myanmar Investment Commission stated. At present, labour-intensive enterprises are facing financial hardship amid the COVID-19 negative impacts and the political changes.

Myanmar’s garment export drastically dropped on the back of slump in demand by European Union market in the previous months. Consequently, some CMP garment factories permanently and temporarily shut down and left thousands of workers unemployed. Nonetheless, the industry is returning to normal after the COVID-19 vaccination programme for the workers, as per the HIS Markit’s September report. Myanmar’s manufacturing sector is largely concentrated on garment and textiles produced on a Cutting, Making, and Packaging basis, and it contributes to the country’s GDP to a certain extent.

Myanmar drew foreign direct investment of more than $ 3.79 billion in the last FY, including expansion of capital by existing enterprises and investments in the Thilawa Special Economic Zone, the DICA’s statistics indicated. Of 48 foreign enterprises permitted and endorsed by MIC and the respective investment committees between 1 October and 30 September of the FY 2020-2021, 27 enterprises pumped FDI into the manufacturing sector. Power sector received six large project and livestock and fisheries sector attracted six projects. Other service sector drew five projects while agriculture sector pulled two projects and one foreign enterprise each entered industrial estate and the hotel and tourism sectors.

Source: The Global New Light of Myanmar

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India-donated 1 mln doses of Covishield vaccine arrive in Myanmar

by COVID

The Ministry of Health conducts the vaccination programme as per target groups across the nation in an effort to control the disease. Meanwhile, 1 million Covishield vaccines donated by India arrived at Yangon International Airport yesterday, and Director-General Dr Myat Wunna Soe of the Medical Services/Public Health Department received the vaccines. The vaccines will be kept at the Central Cold Room. The officials of the Public Health Department monitor and supervise the vaccine storage to meet fixed standards constantly.

These vaccines will be distributed to regions and states based on requirements via road transport or with the help of Tatmadaw (Air) and Myanmar airways in the cold chain. Moreover, these vaccines will be used for primary target groups and additional groups. As of 9 October, a total of 18 million doses – two million doses of Covishield, 14 million doses of Sinopharm and two million doses of Sinovac purchased by the ministry have arrived in Myanmar.

Moreover, the country received more than six million doses of vaccines donated by China, India and Russia. The officials vaccinated a total of 9,574,393 people until 8 October while 4,083,337 people have been fully vaccinated and 5,491,056 people have received the first jabs of COVID-19 vaccines. Therefore, the total doses of vaccine delivered are 13,657,730 in the country until 8 October. The people are urged to receive the COVID-19 vaccines, and those who have already received the first dose are encouraged to go to the nearest immunization centres and receive the second dose on the scheduled immunization date or near the due date, as well as to actively participate in the vaccination drive.

Source: The Global New Light of Myanmar

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Total border trade value exceeds $9.7 bln this FY

by TRADING

The total border trade value at 18 border trade camps exceeded US$9.7 billion this 2020-21 financial year (FY), according to the Ministry of Commerce. During the period, the country’s export via land borders amounted to $6.49 billion, while its import shared $3.2 billion.

From 1 October to 24 September of the 2020-21FY, the total border trade value amounted to $9.69 billion, down $832 million compared with the same period last year. The country conducts border trade with neighbouring China through Muse, Lwejel, Kampaiti, Chinshwehaw and Kengtung with Thailand via Tachilek, Myawady, Kawthoung, Myeik, Hteekhee, Mawtaung and Meisei checkpoints, with Bangladesh via Sittway and Maungtaw and with India through Tamu and Reed border crossings, respectively.

Muse trade camp in the Myanmar-China border reached $3.8 billion, down $1.02 billion compared with the same period last year. Myanmar mainly exports agricultural products, animal products, as well as forest products, minerals, fishery products and manufactured goods, among other things, while capital goods, raw industrial materials and consumer products are imported into the country.

Source: The Global New Light of Myanmar