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More than 8 million people in Myanmar receive COVID-19 vaccine

by COVID

A total of 8.264 million people had been vaccinated with the COVID-19 vaccine as of 1 October, according to the Ministry of Health. As of 1 October, 3.863 million people had been received full doses of vaccine and 4.4 million people had been received one dose of vaccine in Myanmar, totalling 6.264 million people, according to the Ministry.

As per the purchase contract of 24 million doses of Sinopharm vaccines from China, the country has already received eight million doses of vaccines so far including four million doses that arrived at Yangon International Airport on 12 September and another four million doses on 26 September, according to the Ministry’s report.

If the vaccine arrives, the country will vaccinate 12 million people this year. The targeted group will include people between the ages of 40 and 64. Sinopharm and Sinovac vaccines have been approved by the WHO for emergency use. There are a total of 36.9 million people the age of over 18 needed to be vaccinated and, 4.99 million of them are vaccinated once or twice. The completion rate is close to 13 per cent, according to the ministry.

Source: The Global New Light of Myanmar

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Number of companies registered on MyCO exceeds 4,965 in nine months: DICA

by INVESTMENT

The number of companies registered on the online registry system, MyCO, reached over 4,965 in the past nine months this year, the statistics released by the Directorate of Investment and Company Administration (DICA) indicated. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. During the January-September period, the number of registered companies on MyCO was 1,373 in January, 188 in February,163 in March, 254 in April, 686 in May, 775 in June, 433 in July, 360 in August and 733 in September, the DICA’s statistics showed. At present, 100 per cent of the applicants are using the online registration platform, the DICA stated.

Last year, the figures of registered companies stood at 1,415 in January, 1,298 in February and 1,015 in March, only 348 companies in April, 798 in May, 1,314 in June, 1,650 in July, 1,551 in August, 1,378 in September, 1,693 in October, 1,099 in November and 1,521 in December, as per statistics of the DICA. In 2019, the figure stood at 1,733 in January 2019, 1,419 in February, 1,108 in March, and over 1,045 in April, 1,411 in May, 1,307 in June, 1,428 in July, 1,302 in August and 1,181 in September. The figures reached a fresh new peak of 2,059 in October 2019. Then, 1,615 new companies in November and 1,772 in December were recorded, data of the DICA showed. When the online registry was launched in August 2018, a total of 1,816 new companies have taken registration on MyCO.

The figure stood at 2,218 in September 2018, 1,671 in October, 1,431 in November and 1,364 in December 2018. In addition, all registered companies need to file annual returns (AR) on the MyCO registry system within two months of incorporation, and at least once every year (not later than one month after the anniversary of the incorporation), according to Section 97 of Myanmar Companies Law 2017. Section 266 (A) of the Myanmar Companies Law 2017 mentions that public companies must submit annual returns and financial statements (G-5) simultaneously. All overseas corporations must submit ARs in the prescribed format on MyCO within 28 days of the financial year ending, as per Section 53 (A-1) of the Myanmar Companies Law 2017.

As per DICA’s report, about 17,000 companies were suspended so far for failure to submit AR forms within the due date. Newly established companies are required to submit ARs within two months of incorporation or face a fine of K100,000 for filing late returns. The DICA notified that any company which fails to submit its AR within 13 months will be notified of its suspension (I-9A). If it fails to submit the AR within 28 days of receiving the notice, the system will show the company’s status as suspended. Companies can restore their status only after shelling out a fine of K50,000 for AR fee, K100,000 for restoration of the company on the register, and K100,000 for late filing of documents. If a company fails to restore its status within six months of suspension, the registrar will strike its name off the register, according to the DICA notice.

Source: The Global New Light of Myanmar

Natural gas export tops US$2 bln in ten months

by ENERGY

Myanmar’s exports of natural gas are estimated at US$2.194 billion in the past ten months (October-July) of the current financial year 2020-2021, the Commerce Ministry’s data showed. Natural gas is included in the list of major export items of Myanmar. About six per cent of the country’s total export earnings come from the sale of natural gas. There are 53 onshore blocks and 51 offshore blocks, totaling 104 blocks.

A total of 25 onshore blocks and 31 offshore blocks are being operated under foreign investment. Natural gas extraction is being made at the Yadana, the Yedagun, the Shwe, and the Zawtika offshore blocks as well as onshore drilling blocks, according to the statement of the Ministry of Electricity and Energy. The Shwe natural gas field, located offshore from Rakhine State, was discovered in 2014. Natural gas extracted from the field is exported to China.

The Yadana natural gas project is being carried out by the TOTAL Company, with its pipeline supplying natural gas to Thailand. Natural gas is also extracted in Yedagun, located offshore from Taninthayi Region and discovered in 1992. The Zawtika Project in the Gulf of Mottama mainly supplies natural gas to neighbouring Thailand. Production at Yadana and Yedagun is declining, and those projects will be halted in the coming years. Myanmar’s exports of natural gas stood at $3.5 billion in the 2019-2020FY, $3.9 billion in the 2018-2019FY, $3.5 billion in the 2017-2018FY, $3.116 billion in the 2016-2017FY, and $3.445 billion in the 2015-2016FY, as per Commerce Ministry data.

Source: The Global New Light of Myanmar

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Imports of foreign vehicles will be suspended to reduce the use of foreign currency

by TRADING

The Department of Commerce has announced that the import of foreign vehicles will be suspended to reduce the use of foreign currency. The aftermath of the COVID-19 outbreak has led to business delays.

 The statement said that the import of passenger vehicles will be suspended from October 1 in order to reduce the use of foreign currency in connection with the import of goods due to the country’s declining exports.

Imports from motor vehicle sales centers and showrooms, and the issuance of individual import permits for individual employees who have been approved by the relevant departments for those who have been awarded the Good Civil Servant Badge, Good Military Service and Police Badge badges. The statement also said that the right to open a new car sales center has been suspended from October 1.

Source: Daily Eleven

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Myanmar imports over $849.97 mln worth of machinery, spare parts in 10 months

by TRADING

The import of Myanmar’s machinery and spare parts was worth over US$849.97 million in the last ten months (October-July) of the financial year 2020-2021, the Ministry of Commerce’s data indicated. Similarly, the country imported $609.42 million worth of vehicles and spare parts.

Imports of commercial vehicles and machinery were permitted through seaports and three land borders — Muse, Myawady, and Tachilek. The vehicle import permit applied to the individuals and the showrooms with the consignment system suspended starting from the last week of September 2021, according to the statement released by the Ministry of Commerce.

The import permit for CBU (Completely Build Up) vehicles can be applied for by 30 September 2021. Nevertheless, the authorities give the green light to the SKD vehicles (semi-knocked down) and CKD vehicles (completely knocked down) that were assembled locally. Importing the vehicles costs a lot owing to the Kyat depreciation, double shipping rate and price volatility with the tax in the previous months. At present, the automobile market for new vehicles and second-hand cars are leading to a downward trend during the financial hard times.

Source: The Global New Light of Myanmar

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Myanmar-Bangladesh bilateral trade down by $16 mln this FY

by TRADING

Trade between Myanmar and Bangladesh as of 17 September since October this year has exceeded US$35 million, down $16 million from the same period last year, according to the monthly data issued by the Ministry of Commerce. Between 1 October and 17 September of this FY, the Myanmar-Bangladesh trade through border checkpoints has touched $35.41 million, with exports worth $16.98 million and imports amounting to $18.43 million.

Compared with the same period last year, the value of exports between the two countries dropped by $9.54 million, while imports declined by $ 6.46 million. For the same period last year, the total trade between the two countries was valued at $51.4 million, with $ 26.5 million in exports and $24.89 million in imports.

Myanmar exports goods to Bangladesh through both maritime and land routes. Bilateral border trade is mainly conducted through the Sittway and Maungtaw points of entry. The products traded between the two countries include bamboo, ginger, peanut, saltwater prawns and fish, dried plums, garlic, rice, mung beans, blankets, candy, plum jams, footwear, frozen foods, chemicals, leather, jute products, tobacco, plastics, wood, knitwear, and beverages.

Source: The Global New Light of Myanmar

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Myanmar foreign trade sees drastic drop this FY

by TRADING

Myanmar’s external trade between 1 October and 17 September in the current financial year 2020-2021 sank 21 per cent as against the year-ago period, the Ministry of Commerce’s data showed. The country’s foreign trade exceeded US$28 billion over ten and a half months, whereas the international trade stood at over $35.75 billion in the corresponding period of last FY, according to the data released by the ministry. During the past ten months, Myanmar’s export was worth over $14 billion whereas, the country’s import was relatively low at $14.1 billion.

Both maritime trade and border trade dropped amid the coronavirus impacts. The neighbouring countries tightened the border security and the border posts came to an abrupt stop amid the COVID-19 surging in Myanmar. At present, the traders have transaction problems triggered by the restriction of the private banks. Furthermore, the pandemic triggered the cargo shipping crisis, a market observer shared his opinion. 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 much on the agricultural and manufacturing sectors. However, the suspended trade in the border checkpoints and the order cancellation from the western countries amid the political changes exacerbate the export sector for now. 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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Thailand to reopen special temporary border checkpoint Prachuap Khiri Khan on Thai-Myanmar border on October 1

by TRADING

Traders say the Thai-Myanmar special temporary border checkpoint at Prachuap Khiri Khan will be reopened on October 1. Myeik District, Tanintharyi Region The Thai side is planning to reopen the Sin Khun border gate in Prachuap Khiri Khan province, which trades with Mawtaung border in Tanintharyi Township, after the end of this month. Sources in Thailand say the trade-restricted gateway will be reopened due to the COVID-19 epidemic.

Currently, seafood can only be shipped after making ice cubes according to the traders. They cannot export frozen or fresh seafood. The economy is in a slump due to the epidemic and political situations. The Thai side is monitoring the situation in Myanmar and is reportedly planning to reopen the border gate as the rate of infection is declining, said a Mawtaung-Sinkhun border trader. Border crossings at the Mawtaung-Sinkhun checkpoint have been frequently closed due to illnesses on the Thai side.

The Thongkha-Mawtaung section of the road has been upgraded to boost border trade through the Mawtaung-Singun gate. However, border trade has not been as strong as expected, and car traffic has been low. Mawtaung Road will be important if trade recovers. It is only a few hours drive from Bangkok, Thailand, so the Mawtaung-Sinkhun border gate is very important for trade, said an official from the Myeik District Chamber of Commerce and Industry. Thailand will allow only those who have been vaccinated with the COVID-19 vaccine to enter and leave the border gates, and plans are afoot to open them gradually. From January 1, 2022, tourists will be allowed to enter from 13 border districts of Thailand, and plans are afoot to visit 43 districts, according to Thai media reports.                      

Source: Daily Eleven

CBM sells $15 mln on 27 September

by ECONOMY

The Central Bank of Myanmar (CBM) has announced that they have sold US$15 million on 27 September 2021, at an auction market rate, totalling sales of US$ 48 million in September five times. About $15 million was sold at an auction exchange rate of K1,755 per US dollar. The CBM report sold $15 million on 13 and 20 September, $8 million on 15 September and $10 million on 22 September.

With the rising US dollar exchange rate, the CBM has been constantly selling the US dollar at an auction exchange rate since 12 May. The bank has also sold about $28 million in total in August seven times, according to figures released from the CBM. This CBM’s move is aimed at governing the market volatility and strengthening the local currency value. Rules and directives have been set out for the CBM’s auctions.

Following such rules and directives, the CBM is trading the foreign currency with three state-owned banks, 19 local private banks and 13 foreign banks, which are holding authorized dealer-AD licences. The CBM sold $6.8 million in February 2021, a foreign exchange auction, but did not sell in March.The CBM sold $12 million in April, $24 million in May, $12 million in June, $39 million in July and $28 million in August.

Source: The Global New Light of Myanmar

Fuel oil prices double during eight-month period

by ENERGY

The domestic fuel oil price in the last week of September tremendously increased to double compared with the price recorded in the past eight months, Myanmar Petroleum Trade Association’s price data showed. The coronavirus impacts and the remarkable global rally led to the price rises, coupled with the devaluation of Kyat in the forex market. The fuel oil was pegged at around at K590 per litre for Octane 92, K610 for Octane 95, K590 for diesel and K605 for premium diesel in early February 2021 in domestic retail market. Then, it remarkably climbed up to K1,235 for Octane 92, K1,275 for Octane 95, K1,230 for diesel and K1,249 for premium diesel on 26 September 2021, according to local fuel oil market.

Domestic oil price is positively related to global market. Oil price inched higher in the global market at US$73.98 per barrel for WTI crude and $78.09 for Brent crude on 26 September. Additionally, foreign exchange rate also affects thepetroleum price. The Kyat continues to weaken in the local forex market in September, rising above K2,100 per dollar. In mid-February, a dollar was worth K1,430 only. Myanmar imported nearly $2.3 billion worth fuel oil in the past ten months (Oct-July) of the current financial year 2020- 2021, according to the Ministry of Commerce. Normally, a monthly oil import is estimated at $400 million, yet the oil importers are facing banking restrictions for maritime trade besides Kyat depreciation. Oil importers via land border can use informal payment Hundi system instead, said an importer.

Normally, Myanmar imports fuel oil primarily from Singapore, with monthly volumes touching 200,000 tonnes for gasoline and 400,000 tonnes for diesel. There are about 2,000 fuel stations and over 50 oil importer companies in Myanmar, Myanmar Petroleum Trade Association stated. Last year, the domestic oil prices have declined starting from January owing to a fall in global oil prices. On 8 January 2020, oil prices were pegged at around K905 per litre for Octane 92, K995 for Octane 95, and K985 for diesel and premium diesel. Following the global market crashing, the domestic oil price plunged to more than 50 per cent in April against January’s prices. In late April 2020, the oil prices touched the lowest of K290-330 per litre for Octane 92, K430-455 for Octane 95, K435- 465 for diesel, and K445-475 for premium diesel, according to the domestic oil market. Ninety per cent of fuel oil in Myanmar is imported, while the remaining 10 per cent is produced locally.

Source: The Global New Light of Myanmar