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Fishery exports plummet to $706 mln as of 27 August

by TRADING

Export earnings from the fisheries sector for nearly eleven months (1 October-27 August) of the current financial year 2020-2021 fell to US$706 million, according to statistics released by the Commerce Ministry. Myanmar’s fishery exports dramatically declined this year, owing to the COVID-19 impacts and the transport difficulty. Myanmar Fisheries Federation (MFF) is striving for the income generated from fisheries export this financial year 2020-2021 to keep up with $715.337 million registered in the previous FY 2019-2020. Consequently, MFF is beefing up the exports of both freshwater and saltwater fish to meet the goal. Although some offshore and inshore vessels started to go fishing on 15 July, they are battered by the high cost of fuel oil and fishing equipment and supplies. Additionally, the exporters’ companies pull down the price.

The domestic fish industry flounders due to the COVID-19 pandemic. The coronavirus pandemic shut down the wedding, donation events, festivities and restaurants. It also poses transport difficulties. The restrictions caused a slump in fish consumption in the local market. The disruption in container shipment wreak havoc on aquaculture export. To tackle this, the state authorities fulfil the requirements, and the One-Stop Service (OSS) was established. Myanma Port Authority processed to facilitate the transportation. The container shipment has become smooth in June. Furthermore, the Provisional Government of Myanmar will make those stakeholders engaged in the fisheries sector get vaccinated for the COVID-19. This move ensures the trade partners for seafood safety, said Dr Toe Nanda Tin, senior vice-president of MFF.

Keeping the businesses going and growing is a pivotal role in the country’s economy. All the sectors including agriculture and livestock need to commit this. MFF is conducting the business regularly. Those enterprises in the fisheries sector are truly appreciated. The federation is trying to meet the last year’s export earnings in the last month of the current FY (September), she added. Of 175 various aquaculture products, marketable fish products, especially fish, shrimp, eel and crab are primarily exported to foreign markets. In the past ten months, a monthly income from the fisheries sector is worth $65 million. Moreover, 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. China was the second-largest buyer of Myanmar’s fishery products, accounting for US$254 million out of overall fishery export value of $850 million in the past financial year2019-2020. At present, China shut down the border areas in wake of the COVID surge in Myanmar. The fishery sector is dependent on maritime trade only. Food and Agriculture Organization (FAO) and World Health Organization (WHO) issued guidelines to ensure food safety during the COVID-19 pandemic in April 2020. The permitted companies are advised to carry out food safety plans, follow the guidelines of WHO and FAO, formulate the safety management system and suspend the exports if any suspicious foodborne virus or virus infection risk are found in the products.

The export is likely to resume once the products meet food safety criteria set by the General Administration of Customs of the People’s Republic of China (GACC). Myanmar Fisheries Federation stated that only the G2G pact can tackle problems faced in the export of farm-raised fish and prawns and ensure smooth freight movement between countries to bolster exports.  During the last FY2019-2020, MFF expected to earn more than $800 million from fishery exports and it reached a target. 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.

Myanmar’s economy is more dependent on the agricultural sector to a large extent. Also, the fisheries sector contributes a lot to the national gross domestic product (GDP). Its fishery production including shrimps and saltwater and freshwater fish are far better than the regional countries. If the country can boost processing technology, it will contribute to the country’s economy and earn more income for those stakeholders in the supply chain, Yangon Region Fisheries Department stated. There are 480,000 acres of fish and prawn breeding farms across the country and more than 120 cold-storage facilities in Myanmar. Myanmar exported 340,000 tonnes of fishery products worth $530 million in the 2013-2014FY, 330,000 tonnes worth $480 million in the 2014-2015FY, 360,000 tonnes worth $500 million in the 2015-2016FY, 430,000 tonnes worth $600 million in the 2016-2017FY, 560,000 tonnes worth $700 million in the 2017-2018FY and 580,000 tonnes worth over $730 million in the 2018-2019FY respectively, according to the Commerce Ministry. 

Source: The Global New Light of Myanmar

Stock market up in August

by ECONOMY

The values of shares traded on the Yangon Stock Exchange (YSX) climbed up in August 2021 compared with those registered in the last two months, with over K300 million worth of 49,191 shares traded on the exchange, the YSX’s monthly report showed. In February 2021, K442 million worth of 77,388 shares were traded on the exchange. The figures extended further drops to K110 million worth of 19,816 shares in March 2021. Then, the market slightly rose in April with K280 million worth of 42,964 shares. The stocks were maintained in the bull market in May with 78,642 shares worth K432.448 million as well. In June, 79,296 shares worth K430.285 million were traded on the exchange.

Then, the volume of shares traded in the equity market plunged to 36,855 shares in July 2021 and the trading value also slipped to K198 million. Under Section 4 of the Trading Business Regulations, the stock trading was closed from 16 to 20 August 2021 as the long public holidays for COVID-19 prevention, control and treatment activities. The market resumed on 23 August 2021 as usual. Last month, the shares of six listed companies — First Myanmar Investment (FMI), Myanmar Thilawa SEZ Holdings (MTSH), Myanmar Citizens Bank (MCB), First Private Bank (FPB), TMH Telecom Public Co. Ltd (TMH), the Ever Flow River Group Public Co., Ltd (EFR) and Amata Holding Public Co., Ltd. (AMATA) were traded in the equity market.

The share prices per unit were closed at K8,900 for FMI, K3,200 for MTSH, K7,800 for MCB, K20,500 for FPB, K2,700 for TMH, K3,100 for EFR and K4,800 for AMATA respectively. The stock markets worldwide have reported their largest declines since the 2008 financial crisis. Similarly, the local equities market is also scared by the COVID-19 crash, a market observer points out. At present, people are keeping emergency savings, rather than investing in the COVID-19 crisis and current political development, he added. Amid the COVID-19 crisis and political changes, Myanmar’s securities market has been able to continue operating without stopping trading. Additionally, the stock market also rose in August.

In 2020, the value of stocks traded on the exchange reached a peak of K1.48 billion in February, whereas trading on the exchange registered an all-time low of K552.9 million in November due to the COVID-19 resurgences in Myanmar, the exchange’s monthly report showed. A total of K12.6 billion worth of 1.87 million shares by six listed companies were traded on the exchange in 2020, a significant drop compared to 2019. Over 2.4 million shares from five listed companies, valued at K13.39 billion, were traded on the exchange in 2019, according to the annual report released by the exchange.

Next, the Securities and Exchange Commission of Myanmar (SECM) has allowed foreigners to invest in the local equity market from 20 March 2020. Further more, YSX launched a pre-listing board (PLB) on 28 September 2020 to provide unlisted public companies with fund-raising opportunities and build a bridge toward listing on YSX, YSX stated. The YSX was launched four years ago to improve the private business sector. It disseminates rules and regulations regarding the stock exchange and knowledge of share trading through stock investment seminars. The stock exchange has also sought the government’s support to get more public companies to participate in the stock market and help more institutional investors, such as financing companies, investment banks, and insurance companies, to emerge.

Source: The Global New Light of Myanmar

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Myanmar’s manufacturing output fell for a 12th straight month, with the fall in August being the strongest during the COVID-19 epidemic, according to the survey

by MANUFACTURING

Myanmar’s manufacturing output fell for the 12th consecutive month, with the decline in August being the worst during the COVID-19 epidemic, according to the IHS Markit Myanmar Manufacturing PMI (Manufacturing Purchasing Manger’s Index) released on September 1. The rise in Myanmar’s manufacturing PMI from 36.5 in July to 36.5 in August indicates a 12-month slump in manufacturing conditions. 

The rate of decline was significant, with some companies experiencing COVID-19 damage, the most in the survey’s history. Purchasing Manager ‘Index (PMI) New orders Workplace Five indicators are calculated: suppliers’ delivery time and stockpiles. Factories closed; Production volumes were further reduced due to weak demand from customers and lack of migrant workers. The decline was significant, with 61 percent of respondents reporting lower production in August than in July, according to the survey.

The supply chain continued to suffer from shortages of raw materials, but the delay in completion was only a tenth in August. According to prices, the shortage of raw materials and the volatility of the dollar exchange rate have led to higher costs for producers in Myanmar. Myanmar’s economy is facing serious consequences due to the epidemic. Vaccination is especially important to control future constraints and demand shocks, said an economist at IHS Markit. The survey is based on original data collected from industry by IHS Markit and sponsored by Japan-based Nikkei Media Group.

Source: Daily Eleven

At the local foreign exchange counters, the exchange rate is around 1,725 ​​kyats and the exchange rate in the market is around 1,900 kyats per dollar

by ECONOMY

The global dollar index hit around 92 points on September 7 and the foreign exchange rate in the domestic market was around 1,900 kyats per dollar, according to foreign currency traders. At local foreign exchange counters, the price is around US $ 1,725, but in the real world market it is around US $ 1,880 to US $ 1,900. The global dollar index, the highest in six months, hit 91.59 points in February. 90.93 points in March; 90.93 points in April; 91.92 points in May; 90.92 points in June; In July, it was around 91.92 points.

In January 2021, the lowest and highest monthly exchange rates in the domestic market were 1333-1355 kyats. In February, it was 1340-1475 kyats. The lowest and highest monthly foreign exchange rates in the domestic market were 1297-1340 kyats in October 2020; In November 1306-1327 kyats; In December 1326-1405 kyats; In January 2021, it was 1333-1355 kyats. In February, it was 1340-1475 kyats. On September 7, 2021, the exchange rates of other foreign currencies in the domestic market were Euro 1990 kyats; S $ 1,300; Malaysian Ringgit 398 Kyats Thai Baht 55.

On August 12, 2021, the Central Bank of Myanmar sold another 2.5 million dollars at a foreign exchange auction, with the average exchange rate for the auction being 1,650 kyats per dollar, according to the Central Bank of Myanmar. In August, $ 3 million was auctioned off in a foreign exchange auction. $ 3 million on August 3; $ 4 million on August 4; $ 9.5 million on August 9; It sold for $ 2.5 million on August 12. Exchange rate fluctuations happen in the short term.

The central bank is launching a foreign exchange auction to reduce inflation and increase foreign reserves. The central bank aims to increase its exchange rate volatility in the short term. A rule-based foreign exchange auction is underway to reduce inflation and implement the state’s two-pronged foreign exchange reserve. The rules for Central Bank Bidding Instructions have been set out and in accordance with these rules and regulations buying and selling process are carried out by Authorized Dealer (AD) Banks, which are foreign currency trading bidders participating in the foreign currency auction, 19 local private banks and 13 foreign bank branches.

Source: Daily Eleven

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500 companies struck off register due to AR absence in past two months: DICA

by INVESTMENT

A total of 500 companies was struck off the register in the past two months as they failed to submit an annual return (AR) on the online registry system, MyCO, according to the Directorate of Investment and Company Administration (DICA). The DICA has notified any registered company which fails to submit its AR on MyCO are to be suspended. The DICA found that 500 companies which failed to restore their status within six months of suspension under 430 (F) of Myanmar Companies Law in the last two months. The companies were struck off the register starting from 5, 9, 16 July and 25 and 30 August respectively, according to the DICA’s notification.

All registered companies need to file 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 the law. According to Section 266 (A) of the Myanmar Companies Law 2017, 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, more than 16,000 companies were suspended for failing to submit AR forms within the due date.

Newly 500 companies struck off register due to AR absence in past two months: DICA 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 has notified that any company which fails to submit its AR within 13 months will be notified of its suspension (I9A). 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, totalling K250,000.

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. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018, in keeping with the Myanmar Companies Law 2017. The number of companies registered on the online registry system, MyCO, topped more than 2,000 in the first half of this year. Earlier, MyCO received more than 1,000 applications from new companies every month. During the public holidays from 23 to 31 August, the DICA is offering services for investment and company registration at the Head Office located at No.1 Thitsar Road, Yankin Township of Yangon Region and One-StopService is opened at No. 49 Seinlemay Lane, Kaba Aye Road, Yankin Township for the department coordination matters, the DICA announced. At present, 100 per cent of the applicants are using the online registration platform, according to data provided by the DICA.

Source: The Global New Light of Myanmar

Domestic gold price sets fresh record high up to K1.8 mln per tical

by ECONOMY

The price of pure gold metal reached an all-time high of K1,800,000 per tical (0.578 ounces, or 0.016 kilogrammes), according to Yangon Region Gold Entrepreneurs Association (YGEA). The spikes in the gold market are attributed to political development, high demand in the domestic gold market, shortage of raw gold metals, the price gain in the international market and the Kyat depreciation. The global gold price stood at only US$1,816 per ounce at the present time, while the US dollar exchange rate is worth above K1,800. On 12 May, the gold hit a peak of K1,709,000 per tical and the current rate hit the highest in history. As a result of this, YGEA urged its members to regulate trade in order to deal with market volatility.

To regulate unsustainable rally in the domestic gold market, the association called for the members to make the gold transaction with only immediate payment, avoid the verbal transactions over calls and halt trading outside the Yangon region, according to YGEA. In January 2021, the gold price was ranged between the minimum of K1,316,000 per tical (28 January) and the maximum of K1,336,000 per tical (6 January). It reached an all-time high of K1,410,000 per tical on 3 February and hit the minimum of K1,340,000 per tical on 2 February. In March, the rate fluctuated between the highest of K1,391,000 (25 March) and the lowest of K1,302,000 (4 March). The price was registered the highest of K1,455,000 (30 April) and the lowest of K1,389,000 (1 April). The price reached an all-time highest of K1,709,000 (12 May) and the lowest of K1,447,000 in May.

The price moved in the maximum of K1,575,500 (11 June) and the minimum of K1,543,000 (19 June). Last month, it fluctuated between K1,562,300 (26 Jul) and K1,587,000 (K1,587,000), the gold traders said. According to gold traders, the local gold reached the lowest level of K1,310,500 (2 September) and the highest level of K1,314,000 (1 September). In October, the rate ranged between K1,307,800 (30 October) and K1,316,500 (21 October). The rate fluctuated between the highest of K1,317,000 (9 November) and the lowest of K1,270,000 (30 November). In December, the pure yellow metal priced moved in the range of 1,280,000 (1 December) and 1,332,000 (28 December). With global gold prices on the uptick, the domestic price hit fresh highs in 2019, reaching K1,000,000 per tical between 17 January and 21 February, crossing K1,100,000 (22 June to 5 August), climbing to over 1,200,000 (7 August-4 September), and then reaching a record high of K1,300,000 on 5 September 2019.

Source: The Global New Light of Myanmar

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Myanmar pharmaceutical imports top $397.46 mln in nine months

by TRADING

The import value of Myanmar pharmaceutical products was estimated at US$397.46 million in the nine months (October-June) of the current financial year 2020-2021, according to Myanmar Customs Department. Myanmar imports 90 per cent of medicine and medical products through foreign markets, the Myanmar Chambers of Commerce for Pharmaceutical & Medical Device (MCCPMD) stated. India is the main supplier for Myanmar. Also, it is imported by Bangladesh, China, Germany, Indonesia, Japan, the Republic of Korea, Malaysia, the Philippines, Singapore, China (Taipei), Thailand, the US and Viet Nam.

Most commonly prescribed drugs are available in the market. Only some are out of stock for now. At present, pharmaceutical import is regularly flowing. However, the prices of pharmaceuticals were up by 5 to 10 per cent owing to the Kyat depreciation in the local forex market. The COVID-19 related medical devices including surgical masks and pulse oximeters are highly demanded in the country amid the COVID-19 surging cases, a market observer said. The Trade Department granted a temporary import licence exemption for 92 HS code lines up to three months starting from 1 September, in a bid to facilitate the trade during the COVID-19 crisis.

The Ministry of Commerce also cut the red tape for imports of some pharmaceuticals which have been imported. The Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) is accelerating its effort to facilitate the inflow of essential medicines in the devastating time of the COVID-19 crisis, along with the related committees, departments concerned, traders and entrepreneurs. The federation formed a task force on 25 July 2021, with an aim to ensure adequate stock of essential medicine for prevention, control and treatment of the COVID-19 and have a smooth trade flow.

Source: The Global New Light of Myanmar

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The Myawaddy-Mae Sot Friendship Bridge No. 1 on the Myanmar-Thailand border, which was closed for almost two years due to COVID-19 disease, will open in early 2022

by TRADING

The Myawaddy-Mae Sot Friendship Bridge No. 1 on the Myanmar-Thailand border, which was closed for almost two years due to COVID-19 disease, will be reopened in early 2022. Mae Sot-Myawaddy on the Thai-Myanmar border from January 1, 2022; Chiang Mai – Tachileik The Ranong-Kawthaung border will be reopened with the Travel Bubble, according to the report. Chiang Mai, which connects Burma, including the Myawaddy-Mae Sot Friendship Bridge on the Myanmar-Thailand border; Foreign tourists will be allowed to visit Chiang Mai, Ranong and 43 districts.

The first wave of COVID-19 on the Myawaddy-Mae Sot Friendship Bridge No. 1 on the Myanmar-Thailand border; It has been closed since March 2020 due to the rapid spread of Corona virus. Friendship Bridge No. 1, which was closed to tourists for almost two years, will be reopened on June 1, 2022. It is good news. Moe Kyo, chairman of the Joint Action Committee for Myanmar Citizens (JACBA), said the socio-economic situation would improve.

The Friendship Bridge No. 1 in Htein Myanmar has been closed since March 2020 during COVID first wave. Starting from January 1, 2022, border gates, the bridges of friendship will be reopened. It is good news that the bridge will be reopened as everything will be fine. On January 1, 2022, five districts including Bangkok, Chonburi, Fitburi, Pakyut Sirikhan, Chiang Mai, will be reopened, and another 21 districts will open on January 15. It will also allow tourists to travel through 13 border crossings with Thailand and a total of 43 provinces. According to reports from Mae Sot, Thailand’s latest statement is likely to change over time due to COVID disease.

Source: Daily Eleven

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Myanmar’s foreign trade declines by $6.98 bln this FY

by TRADING

Myanmar’s foreign trade was worth US$26.11 billion as of 20 August in the current financial year 2020-21, declining by nearly $7 billion when compared to the same period that of last FY, according to the Ministry of Commerce. The foreign trade value was $ 26.11 billion from 1 October to 20 August while the previous budget year saw $33.1 billion in the same period. Thus, there was a decline of $6.98 billion.

As Myanmar’s foreign trade was 33.1 billion in the last FY, export decreased by 18%, and imports decreased by 25% and trade volume decreased by 22%. During the past ten months, Myanmar’s export was worth over $13.03 billion whereas the country’s import was relatively low at $13.08 billion. In the first eight months of this FY, China topped the list of the 10 countries to which Myanmar exported goods most.

Myanmar exported goods worth US$3,985.06 million to China, US$2,091.81 million to Thailand, US$673.87 million to Japan, US$485.50 million to India, US$434.67 million to the US, US$261.71 million to Germany, US$245.75 million to the UK, US$233.48 million to Spain, US$203.72 million to the Netherlands and US$198.29 million to South Korea, according to the data from the Commerce Ministry. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods.

Source: The Global New Light of Myanmar

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Over 2 mln people in Myanmar fully vaccinated against COVID-19

by COVID

Over 2 million people in Myanmar have been fully vaccinated against the coronavirus till 4 September, and those who still need a second dose are being vaccinated, according to the Ministry of Health. The vaccines are being given priority to 36.9 million people over the age of 18 in Myanmar. As of 4 September, a total of 2,670,333 people have been fully vaccinated and 2,189,931 people have received one dose of the vaccine, according to the Ministry.

A total of 2 million doses of Sinopharm (Beijing) vaccine purchased from China arrived at the Yangon International Airport on 28 August. It was received by a team led by the head of Yangon Region Medical Services Department and Public Health Department. It is being distributed to across the country starting from 29 August.

Myanmar has already received 6.5 million doses of COVID-19 vaccine including 2.5 million doses of Sinopharm vaccines donated by China, 2 million doses of Sinovac vaccines and 2 million doses of Sinopharm vaccines imported from China. Currently, the country administrated 150,000 doses of COVID-19 vaccines to the target groups daily. Since January 2021, the country has been administering vaccinations, using the China-made Sinopharm and Sinovac vaccines, across the country.

Source: The Global New Light of Myanmar