Weekly Business News from Myanmar

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  State Counsellor encouraged local businesses to manufacture the products with quality higher than those of imported products

  Daw Aung San Suu Kyi, State Counselor of Myanmar, encouraged business leaders to manufacture the products with quality higher than those of imported products. “For businesses, high-quality products means dignity. Manufacturing high-quality products require more efforts than manufacturing low-quality ones,” she added. People would choose cheaper products if the quality is similar, but only when there is no alternative option. The government, on its side, always looks towards to help produce high-quality products, she assured.
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  Myanmar’s agricultural products exports increased USD $ 500 million as of 26 June in the current fiscal year

  Myanmar’s exports of agricultural products between 1 October and 26 June in the current fiscal year 2019-2020 exceeded US$3 billion from $2.54 billion in the corresponding period of the 2018-2019FY, according to the trade figures released by the Ministry of Commerce. During the past nine months, the export figures reflect an increase of $493.6 million against a-year ago period. In the exports sector, the agriculture industry performed the best along, accounting for 22 per cent of overall exports.
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  State Counsellor urged fishery sector to push its way into the global markets

  Daw Aung Sann Su Kyi, State Counsellor of Myanmar, urged the fishery sector to push its way into the global market. “Through innovative and creative ideas, the fishery sector needs to promote its products in both local and global markets, which will lead to increased export,” Daw Aung San Suu Kyi said during the online meeting held today. She stated that fishery products from Myanmar such as barnacle, oyster, and soft-shell crab are rare and expensive in European countries. “If you can make certain fishery products, which have been already popular in Myanmar, known in the international market and create demand for it, it will be good for the country’s fishery sector,” she added.
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  Local onion growers are facing the difficulties with their onion cultivation businesses due to the significant decline of foreign demand during the outbreak

  With the significant decline of foreign demand because of the outbreak of worldwide viral infection, the local onion growers are facing difficulties with their farming businesses, according to the local onion growers from Pale Township, Sagaing Region. The local farmers get only K310-K320 per viss. The price of onion is only K350-K360 per viss in Pakokku. Last year, the village market price of onion was K500-K700 per viss depending upon the onion size. The medium-sized onion fetched a good price. However, the price of onion declined this year because of coronavirus pandemic. The price of onion declined because we could not export it,” said Ko Hmat Kyi, an online seller from Ta Nae Village in Pale Township.
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  Myanmar exported more than USD $ 1 million worth products to Bangladesh via Maungdaw border trade

  Myanmar has exported more than US$ 1 million worth of export via the Maungdaw border during the month of June according to the Directorate of the Maungdaw Border Trade. Exports items of marine products were exported from the Maungdaw Border Trade to Bangladesh and as import items, plastic products were imported. “During the month of June, we earned more than US$ 1 million from export products. Plastic tanks and pipes as the majority of import products. Since July 4, border trade has stopped temporarily,” said an official from the Maungdaw border trade camp.
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  The exports earnings from the fisheries sectors reached over USSD $ 700 million in the 2019 – 2020 fiscal year

  Export earnings from the fisheries sector during the period between 1 October and 26 June in the 2019-2020 financial year reached US$703.7 million, an increase of $105 million from the year-ago period, according to the statistics released by the Commerce Ministry. The figures stood at just $598.7 million during a-year ago period. During the current fiscal, the fishery exports are expected to reach a record high. So far, over 580,000 tonnes of fishery products have been shipped to the external market. The export volume reflects an increase of 70,000 tonnes compared with those registered in the last fiscal year. Myanmar Fisheries Federation (MFF) expected to earn more than $800 million from fishery exports in the current fiscal year, said an official of MFF.
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  The bilateral trade between Sino – Myanmar border trade falls by USD $ 95.7 million in the first three quarter of 2019 – 2020 fiscal year

  Sino-Myanmar border trade has registered a decrease of US$95.7 million between 1 October and 26 June in the current fiscal year 2019-2020, according to the Ministry of Commerce. Data from the Ministry of Commerce shows the value of Sino-Myanmar border trade at all five borders touched over $4.4 billion in the current fiscal, which significantly plunged from over $4.5 billion recorded in the year-ago period. This FY, border trade values totalled $3.6 billion at Muse, $120 million at Lweje, $391 million at Chinshwehaw, $254 million at Kampaiti, and over $4.31 million at Kengtung. The Commerce Ministry’s data showed a drop in trade value at all those gates. The decline in trade is attributed to the trade suspension and trade delay due to the tight security measures of the coronavirus outbreak and spread. At present, China has been stepping up border control measures to contain the spread of the coronavirus disease. Therefore, Chinese buyers do not come to Myanmar borders in light of viral infection fears, forcing Myanmar truck drivers to leave for Wanding area to sell the goods.
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  India’s low demand on pluses and beans slashed black bean prices in domestic market

  India’s low demand on pulses and beans has brought down the black bean prices in the domestic market, said an official of Myanmar Pulses, Beans and Sesame Seeds Merchants Association. Regarding the importation of 400,000 tonnes of black beans for the next fiscal year, India has narrowed the import deadline by August-end. It has also granted import licences to some companies. However, due to the spread of coronavirus infection, India’s companies reduced the import volume. The prevailing prices of black bean stand at around K985,000 per tonne, whereas the price jumped to above K1 million per tonne in June-end. The domestic market witnessed a sharp fall of K25,000 per tonne with the drop in India’s demand in the first week of July. The traders are closely observing the market with the changes in India’s policy on bean importation. Now, the growers have already sold out the beans and they are in the hands of traders. It is really hard to meet the import deadline. “The changes of policy reflect on the unguaranteed market for the domestic growers. The sudden change in policy burdens the growers, raising confusion,” said an official of the association.
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  Thailand will reopen border speedboat terminals to ease commodity flow at Myawaddy

  Thailand will reopen border speedboat terminals, closed for over three months due to the Covid-19 outbreak on July 6, to ease commodity flow at Myawady, Myanmar’s busiest border trade town, according to a meeting held in Mae Sot by Tak Province administrative officials. Tak Province Governor Orassit Samphantharat said 33 cross-border jetties would reopen to speed up bilateral border trade. Although the reopening of 33 jetties on July 6 has been confirmed, No (1) Friendship Bridge has yet to reopen.
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  The volume of rice and broken rice exports exceeded 2 million tonnes as of 19 June in the current fiscal year

  The volume of rice and broken rice exported between 1 October and 19 June in the current fiscal year crossed 2.088 million metric tons, worth $621 million, according to an announcement from the Myanmar Rice Federation (MRF). Myanmar’s maritime trade constituted 86.08 per cent of rice exports and generated an estimated income of US$539.57 million as of 19 June in the current fiscal year, showing an increase of $184 million against last year, as per data from the Commerce Ministry. Earlier, border trade was relatively high compared to sea trade in terms of rice exports. Since the previous financial year, border trade has dropped, and currently, it accounts for just 13.92 per cent of the total rice exports. Rice exports through the border gates have generated an estimated $81.47 million in the current financial year, which plunged from $167 million registered during a-year ago period.