Posts in category: TRADING

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

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

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

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

The total border trade value at 18 border trade camps exceeded US$1.4 billion this mini-budget period, according to the Ministry of Commerce. During the mini-budget period, the total border trade amounted to 1.44 billion, down $966 million compared with the last year’s figure of $2.409 billion.

From 1 October to 24 December of the 2021-22FY, the country’s export via land borders amounted to $1.02 billion, while its import shared $427.7 million. Myawady topped the list of border checkpoints with the most trade value of $581.36 million, followed by Hteekhee with US$402.06 million.

The country conducts border trade with neighbouring China through Muse, Lweje, 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. Myanmar mainly exports agricultural products, animal products, marine products, minerals, forest products, manufacturing goods and others while capital goods, intermediate goods and consumer goods are imported to the country.

Source: The Global New Light of Myanmar

About 40 trucks of Myanmar products are being exported to China through Kyinsankyawt checkpoint at the Muse border trade, said U Min Thein, vicechair of the Muse Rice Wholesale Centre. Earlier, the export truck of Myanmar products to China was roughly about 400 trucks per day. “This Kyinsankyawt is a checkpoint that used to be able to cross about 300 or 400 truckloads of goods. But now, only 30 or 40 trucks are passed through the crossing,” U Min Thein clarified. China shut down all the border crossings with Myanmar in the wake of COVID-19 negative consequences.

Of the land borders, Kyinsankyawt has been reopened on a trial run from 26 November. Thus, it has to be done step by step with many restrictions during the pandemic period. Besides the trucks carrying goods are being stuck in the one checkpoint. Currently, rice and broken rice, rubber, various types of peas, dried plums, watermelon, melons and other foodstuffs are exported to China through land borders. The Muse border, which is the mainstay of Myanmar-China border trade, is connected with Nandawphyu, Hsinphyu, Mang Wein, Kyinsankyawt-Wang Ding and Pansai-Wamting borders.

At present, Myanmar carries out border trade with China mainly through Muse, Lwejel, Chinshwehaw, Kampaiti and Kengtung border checkpoints. Of these, Muse border trade points stood the largest trade zone. Nevertheless, checkpoints from the Muse border trade zone were closed for over four months in 2021 due to COVID-19. As a result of the complete closure of the Myanmar-China border, about 5,000 labourers from Myanmar are now unemployed. Now, about 50 or 60 buses operating between Muse and China are facing losses. Likewise, the merchants in Muse, who are trading with China are facing the loss as well. In the 2019-20FY, the value of border trade through the Muse border zone totalled $4,057.724 million, according to the official statistics of the Trade Department under the Ministry of Commerce.

Source: The Global New Light of Myanmar

Myanmar’s foreign trade has dropped nearly US$601 million in nearly three months of the mini-budget year of the 2021-22 financial year (FY) starting in October last year, according to the figures released by the Commerce Ministry on Saturday. From 1 October to 24 December this mini-budget year, the country trade was $6.662 billion, while the previous FY saw $7.263 billion in the same period.

This year saw a drop of over $601 million compared to the same period of last year. Similarly, the country has earned over $3.437 billion from exports, while its imports was valued at over $3.225 billion. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, CMP raw materials and consumer goods.

According to the annual data released by the commerce ministry, the country’s foreign trade value was $18,045.929 million in the 2012-2013FY, $27,714.826 million in 2015-2016FY, $29,209.607 million 2016-2017FY, $33,578.052 million in 2017-2018FY, $18,728.815 million in 2018 mini-budget year and $35,147.012 million in the 2018-2019FY. Agro-based food production, textile and clothing, industry and electronics, fishery production, forestry production, digital production and services, logistics services, quality management, trade information services and innovation and entrepreneurship sectors are the main priority areas of the National Export Strategy (NES) 2020-25. 

Source: The Global New Light of Myanmar

The private companies export approximately 300 tonnes of silkworm cocoon to China every year, allowing silkworm farmers to increase income and generate foreign revenue, said Daw Moe Moe Win, assistant director of Sericulture Centre in PyinOoLwin. Mulberry is perennial and the related department also provides sericulture courses so that the growers know how to properly rear the silkworms and produce silk.

The export of silkworm cocoons aims to enhance the private sector, income of the silkworm farmers and earn foreign income. The silkworm cocoon is priced at K10,000 per viss (a viss equals 1.6 kilogrammes). “The silkworm cocoon is sent to the domestic silk-reeling factories and silk are on sale under bidding system. Myanmar companies convey dried silkworm cocoons to China.

Earlier, the silkworm cocoon was delivered to China two or three times in December. This year, trade was suspended owing to the preventive measures for the COVID-19. Beyond silkworm production, mulberry cultivation can also produce nutritious mulberry tea leaves, wine and jam as it can bring health benefits,” she explained. Besides Myanmar, sericulture is commonly found in China, India, Viet Nam, Thailand, Laos, Cambodia, the Republic of Korea and Japan.

Source: The Global New Light of Myanmar

Myanmar exported US$ 242.467 million worth of 291,229 tonnes of various pulses from 1 October to 17 December in the current mini-budget period (October 2021-March 2022), according to the Ministry of Commerce. During the period, 275,752.333 tonnes of various beans and pulses worth $229.955 million were exported via maritime trade routes and 15,477.517 tonnes worth $14.521 million via border trade routes.

During the FY2020-2021 ended 30 September, the export value of beans and pulses amounted to over $1.57 billion, the ministry reported. The Indian government signed a memorandum of understanding with Myanmar to import 250,000 tonnes of mung bean and 100,000 tonnes of pigeon pea through the private sector from 2021-2022 to 2025- 2026.

During the FY2019-2020, the country delivered 1.6 million tonnes with an estimated value of $1.195 billion, the ministry’s data showed. There are more than 11 million acres of plantations of beans and pulses. The black bean plantations are yielding around 400,000 tonnes annually in Myanmar. Besides, Myanmar has also produced about 50,000 tonnes of pigeon peas yearly. The black bean, which is mainly bought from India, is mainly grown in Myanmar. Other pulses, including green gram and pigeon pea, are grown in Africa and Australia in addition to Myanmar, according to Myanmar Pulses, Beans and Sesame Seeds Merchants Association.

Source: The Global New Light of Myanmar

Foreign trade value in Myanmar was over US$6.004 billion till 17 December in the current mini-budget of the 2021-2022 financial year, declining by over $504 million when compared to the same period of last FY, according to the ministry of commerce. From 1 October to 17 December 2021, the foreign trade was $6.004 billion, while the previous FY saw $6.509 million in the same period.

During this mini-budget year, the country’s export amounted to over $3.067 billion, down over $231 million compared with last’s figure. The country’s imports also hit over $2.937 billion, declining over $273 million. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, CMP raw materials and consumer goods.

According to the annual data released by the commerce ministry, the country’s foreign trade value was $18,045.929 million in 2012- 2013FY, $27,714.826 million in 2015-2016FY, $29,209.607 million 2016-2017FY, $33,578.052 million in 2017-2018FY, $18,728.815 million in 2018 mini-budget year and $35,147.012 million in the 2018-2019FY. Agro-based food production, textile and clothing, industry and electronics, fisheries production, forestry production, digital production and services, logistics services, quality management, trade information services and innovation and entrepreneurship sectors are the main priority areas of the National Export Strategy (NES) 2020-25.

Source: The Global New Light of Myanmar