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Bulk supply of rice causes price slide

The prices of rice and rice crops slipped owing to the bulk supply of rice in the domestic markets, traders said. The prices of rice crop in domestic markets stand at K616,000-K920,000 per 100-baskets. At present, the rice worth of K43,000-K50,000 per bag is highly demanded in the domestic market. The prices of high-quality rice move in the range of K34,500-K58,000 per bag, Bayintnaung Rice Wholesale Centre’s price data indicated. Meanwhile, the low-quality rice fetches K2,2500-K2,3500 per bag.

Low-quality rice was mostly purchased by Chinese traders yet COVID-19 restriction measures negatively affected the border trade between Myanmar and China. At present, traders turned to maritime trade for rice export. Myanmar shipped rice and broken rice to China, regional countries and European Union countries through maritime trade. Trading in the domestic market is quite sluggish amidst the excess supply.

Myanmar has shipped more than 801,000 tonnes of rice and broken rice to foreign trade partners between 1 October and 30 December in the current six-month mini-budget period (2021-2022), Myanmar Rice Federation stated. Myanmar also generated an income of US$700 million from 2 million tonnes of rice exports to the foreign countries in the past 2020-2021 financial year. About 80,000 bags of rice and broken rice were earlier traded per day at the Bayintnaung Rice Wholesale Centre, whereas the trade volume plummeted to about 30,000 bags.

Source: The Global New Light of Myanmar

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Rubber price slightly soar to around K1,200 per pound

The rubber prices have faintly mounted to around K1,200 per pound (0.45 kilogramme), according to the rubber traders. The domestic rubber was priced at below K1,000 per pound in late 30 December 2021. But the price of local 3 rubber fetched K1,150 per pound while the local 3 ribbed smoked sheet (RSS) hit K1,170 pound on 22 January 2022. Due to the market demand and the Kyat revaluation in the local foreign market, the rubber price is still rising in the market, it is learnt. Presently, there is demand from China and the dollar exchange rate against Myanmar Kyat stood at around K2,000 per dollar.

Consequently, although the resumption of the rubber plantation starting from last September and the availability of raw rubber in the market has increased, the price of rubber is unlikely to fall lower than K700 as last year due to the rising market demand and international exchange rate, according to the rubber traders. Nevertheless, the prices of raw rubber materials are unlikely to rise to continue in the future. The local 3 or RSS5 lower quality rubbers are vastly produced in Mon State.

As China is also purchasing these low-quality rubbers mostly, the price is likely to fluctuate around K1,000 per pound, the rubber trader predicted. Regarding the trade route to China, the previously-closed Chinshwehaw border trade post has permitted re-imports of industrial agricultural raw products such as sugarcane, rubber, tragacanth gum herb and cotton, making it easier to export rubber products. Similarly, the Kyinsankyawt border which has been shut down earlier was reopened on 26 November and the rubber is being exported through it. Rubber is primarily cultivated in Mon and Kayin states and Taninthayi, Bago, and Yangon regions in Myanmar.

As per 2018-2019 rubber seasons’ data, there are over 1.628 million acres of rubber plantations in Myanmar with Mon State accounting for 497,153 acres, followed by Taninthayi Region 348,344 acres and Kayin State with 270,760 acres, according to the MRPPA. Besides, about 300,000 tonnes of rubber are produced annually across the country. Seventy per cent of rubber made in Myanmar goes to China. In addition to China, the country also shipped rubber to Singapore, Indonesia, Malaysia, Viet Nam, the Republic of Korea, India, Japan and other countries. In the last FY2020-21, the country generated $449.10 million from the export of raw rubber to foreign countries, according to the official statistics of the Ministry of Commerce.

Source: The Global New Light of Myanmar

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Lweje-Laiyang border post reopened after six-month closure

Sino-Myanmar Lweje border post which was suspended in mid-July 2021 during the spike in COVID-19 cases was reopened at 11:45 am on 17 January after six months, U Myint Zaw Moe, Assistant Director of the Department of Trade, formally opened the checkpoint by sprinkling scented water onto the trucks.

Following the three virtual negotiations with Chinese counterparts, the border post resumed its operation on 17 January in line with the COVID-19 preventive measures.

Myanmar will deliver sugarcane and tissue-culture banana to China via Lweje on a trial run, whereas fertilizer, garment raw materials and household goods are primarily imported into the country. According to a mutual agreement, every driver and conductor must get vaccinated two times.

Source: The Global New Light of Myanmar

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Direct Yuan-Kyat trade assures traders in Muse border

The use of Yuan or Kyat in the bilateral transaction is officially allowed in the border areas between Myanmar and China, and traders can legally open a foreign currency account at the designated banks, ensuring trade finance security for the traders engaged in Muse cross-border trade with China, said U Min Thein, vice-chair of the Muse Rice Wholesale Centre. “China often freezes accounts of Myanmar traders, supposedly linked to illegal activities. The traders suffered from it. If they lift the freeze, payment is made in full.

If not, traders cannot help. Now, the bank accounts can be legally opened and cannot be frozen as it is white money. It will definitely facilitate transaction in import and export,” he elaborated. The direct Yuan-Kyat trade platform commenced on 12 January 2022. Traders can open foreign currency accounts linked to Bank in China, CBC and BOC, by depositing 30 Yuan (which is equivalent to K10,000) at Myanmar Economic Bank in Muse. “Some traders might face challenges to do so as they used to make payments through private banks.

There might be red tape in opening accounts. However, this platform will assure the traders in the long term,” U Min Thein shared his opinion. This move is aimed to boost bilateral cross-border trade, facilitate trading and bilateral transaction, increase the use of domestic currency and lessen the reliance on the US dollar. The direct Yuan-Kyat payment has no impact on the domestic freight forwarding, a Mandalay-Muse freight forwarder. China shut down all the border posts with Muse city in the wake of COVID-19 impacts. Of them, Wamting and Kyinsankyawt border posts between Myanmar and China resumed operations. Mang Wein and Kyalgaung posts have still suspended the trade.

Source: The Global New Light of Myanmar

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In the first three months of the 2021-2022 fiscal year (Mini Budget), trade at four Myanmar-China border trade points was just over $ 345 million, four times less than the same period last year

In the three months of the 2021-2022 fiscal year (Mini Budget), the trade volume from the four Myanmar-China border trade points was just over $ 345 million, four times less than the same period last year, according to the Ministry of Commerce. In the three months from October to the end of December of the 2021-2022 fiscal year, the trade volume from the four Myanmar-China border trade points was $ 345.337 million. In the same period of the fiscal year 2020-2021, it received $ 1,747.419 million. Compared to the same period last year, in the first three months of the current fiscal year, it was $ 1,402.082 million less than the same period last year.

In the three months from October to the end of December of the 2021-2022 fiscal year, trade from the Muse border amounted to $ 321.777 million. 0.005 million from Lweje border; 15.398 million from Chin Shwe Haw border; $ 8.157 million from the border with the United States. $ 1,382.928 million from the Muse border in the same period last year; $ 73.558 million from Loije border; 160.491 million from Chin Shwe Haw border; It received $ 130.442 million from the Kanpokti border. Compared to the same period last year, cross-border trade in Muse increased by US $ 1,061.151 million in the first three months of the current fiscal year compared to the same period last year. $ 73.553 million from Loije border; $ 145.093 million from Chin Shwe Haw border; $ 122.285 million less from the border.

During the three months of the 2021-2022 fiscal year (Mini Budget), Myanmar’s exports and imports fell by more than $ 693 million, down from the same period last year, according to figures released by the Ministry of Commerce. From October 1 to the end of December of the 2021-2022 fiscal year, Myanmar’s foreign trade volume was only $ 7.239 billion. In the same period last year, foreign trade reached $ 7.932 billion. In the first three months of the current fiscal year, trade decreased by $ 693.481 million compared to the same period last year.

During the same period, Myanmar exported just over $ 3.705 billion, down $ 318 million from the same period last year. Imports amounted to $ 3.533 billion, down more than $ 374 million from the same period last year. Myanmar exports agricultural products Animal products Fishery products; Minerals; Forest products; It is exporting finished industrial products (CMP) and other products. Imports include investment goods; Business raw materials; Consumer goods Mainly imports CMP raw materials. Myanmar’s annual foreign trade in the 2012-2013 fiscal year was $ 8977.015 million. Imports amounted to $ 9068.914 million and the trade volume was $ 18045.929 million. In the 2015-2016 financial year, exports were $ 11,136.878 million. Imports were $ 16,577.948 million and trade was $ 27714.826 million.

Source: Daily Eleven

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Myanmar foreign trade tops $7.23 bln in half of mini-budget period

Myanmar’s external trade in the first half of the six-month mini-budget 2021-2022 (October-March) period sank to US$7.23 billion, which shows a drastic drop of $693 million as against the year-ago period, the Ministry of Commerce’s data showed. The international trade stood at over $7.93 billion in the corresponding period of the financial year 2020-2021, according to data released by the ministry.

During October-December 2021 period, Myanmar’s export was worth over $3.7 billion whereas, the country’s import was relatively low at $3.53 billion. The border trade dropped owing to the closure of the border post by the main trade partner China amid the coronavirus impacts. However, the maritime trade was registered a significant increase of $369.6 million.

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, import substitution and market diversification. The external trade stood at $29.58 billion in the 2020-2021 FY, as per the Commerce Ministry’s statistics.

Source: The Global New Light of Myanmar

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Vessel registration charged $50 at border post in Rakhine State

For cross-border trade in Rakhine State, the registration of a vessel is charged US$50 and the weighted average price is set at five dollars per freight tonne as per the Marine Fisheries Law, Rakhine State Fisheries Department stated. The direct export system facilitates the trade flow and brings about more benefits to the exporters and the breeders. The department earns revenue from the vessels that directly send the fishery products to Bangladesh’s Port.

Sittway and Maungtaw border posts in Rakhine State with Bangladesh have resumed operations since 14 October 2021. Additionally, the department made efforts to raise the revenue from the aquaculture exports. In November, the revenue of US$10,250.59 was generated from 11 vessels. As of the end of October in the 2021-2022 mini-budget period, over $6.677 million worth of 5,547.57 tonnes of freshwater fish and dried fish were shipped to Bangladesh via border posts.

Freshwater fishery products constituted 65 per cent of overall seafood exports, while rohu accounted for 75 per cent of freshwater fish exports. The exports of fishery products to Bangladesh generated $6.318 million from 7,089 tonnes of seafood in the financial year 2019-2020. The trade flow plummeted drastically owing to the impacts triggered by the COVID-19 pandemic in the 2020-2021FY. Myanmar earned only $4.76 million by exporting 5,010 tonnes of fishery products last year.

Source: The Global New Light of Myanmar

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Myanmar ships about 4,000 tonnes of honey yearly

Approximately 4,000 tonnes of Myanmar’s honey is conveyed to foreign trade partners every year. The natural resources in developing countries are favourable for the production of organic honey. Myanmar’s small-scale beekeepers and beekeeping businesses under the Apiculture Division under the Ministry of Agriculture, Livestock and Irrigation yearly produces over 6,000 tonnes of honey, with 2,000 for domestic consumption and 4,000 for the external market. The department is arranging 1.5 million acres of crops for the bees to be pollinated.

“Myanmar has regular trade partner countries. Expansion of business is required to increase foreign income. Sagaing Region is the main producer of honey. Mon State also started engaging in honey production as well. Advanced beekeeping techniques should be adopted for higher honey production in the private sector as it could effectuate the development of the rural community,” said U Kyaw Kyaw Oo, in charge of the Apiculture Division under the Livestock Breeding and Veterinary Department. The beekeeping business commenced in 1979 in Myanmar and Myanmar’s honey penetrated the foreign market in 1985.

It is commonly delivered to Japan, China, South Korea, Singapore and Thailand. Sunflower honey, palm honey and sesame flower honey are preferred in the market. Of them, sunflower honey is highly demanded in the international market. China is the biggest exporter of honey in the world and Viet Nam, Myanmar and Thailand are the largest producers among the regional countries. The agriculture sector is the backbone of Myanmar’s economy and the country is making efforts to boost honey production. The farmers practise beekeeping in the mixed farming system. Enzymes that are added to the nectar by bees helps break down complex sugar into simple sugar. Floral scent influences honey taste and colour. 

Source: The Global New Light of Myanmar

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In the three months of the 2021-2022 fiscal year (Mini Budget), Myanmar’s exports and imports fell by more than $ 693 million, down from the same period last year

During the three months of the 2021-2022 fiscal year (Mini Budget), Myanmar’s exports and imports fell by more than $ 693 million, down from the same period last year, according to figures released by the Ministry of Commerce. From October 1 to the end of December of the 2021-2022 fiscal year, Myanmar’s foreign trade volume was only $ 7.239 billion. In the same period last year, the foreign trade volume reached $ 7.932 billion. In the first three months of the current fiscal year, trade decreased by $ 693.481 million compared to the same period last year. During the same period, Myanmar exported just over $ 3.705 billion, down $ 318 million from the same period last year.

Imports amounted to $ 3.533 billion, down more than $ 374 million from the same period last year. Myanmar exports agricultural products Animal products Fishery products; Minerals; Forest products. According to the Ministry of Commerce, the company is exporting finished industrial products (CMP) and other goods. Imports include investment goods. Business raw materials; Consumer goods Mainly imports CMP raw materials. Myanmar’s annual foreign trade in the 2012-2013 fiscal year was $ 8977.015 million. Imports amounted to $ 9068.914 million and the trade volume was $ 18045.929 million. In the 2015-2016 financial year, exports were $ 11,136.878 million. Imports were $ 16,577.948 million and trade was $ 27714.826 million.

In the 2016-2017 fiscal year, exports amounted to $ 11,998.545 million. Imports amounted to US $ 17,211.062 million and the trade volume was US $ 29,209.607 million. In the 2017-2018 fiscal year, exports were $ 14,883.160 million. Imports amounted to $ 18694.892 million and the trade volume was $ 33,578.052 million. In the 2018 Mini Budget, exports were $ 8861.032 million; Imports amounted to $ 9867.783 million and the trade volume was $ 18728.815 million. In the 2018-2019 fiscal year, exports were $ 17,060.415 million. Imports amounted to US $ 18086.597 million and the trade volume was US $ 35,147.012 million. Myanmar is implementing a national export strategy to increase exports. Fisheries sector; Forest products; Digital products and services; Logistics services; Quality management sector; Trade Information Services; Innovation and entrepreneurship, according to the Ministry of Commerce.

Source: Daily Eleven

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Myanmar inks G-to-G agreement to export rice to Sri Lanka

MYANMAR signed a government-to-government (G-to-G) rice export bilateral Agreement with Sri Lanka
yesterday. The virtual signing ceremony was attended by Union Minister for Commerce Dr Pwint San, Minister for Trade of Sri Lanka Dr Bandula Gunawardhana, and other officials concerned.

First, the Union Minister said the G-to-G agreement is signed as an initial activity to export other products including rice of the farming sector in order to promote bilateral trade. The country also invites investments in the tourism industry that make profits for two countries and welcomes further cooperation works to develop the economy.

Then, the Minister for Trade of Sri Lanka talked about the establishment of diplomatic relations with Myanmar in 1949, expressed words of thanks for exporting rice under the G-to-G system and also pleaded to improve the bilateral trade and investment. According to the G-to-G agreement, Myanmar Rice Federation and Sri Lanka State Trading (General) Corporation will supervise the rice trade, and Myanmar will have to export 100,000 tonnes of white rice and 50,000 tonnes of parboiled rice to Sri Lanka in 2022 and 2023.

Source: The Global New Light of Myanmar