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The ASEAN and EU’s new online customs transit system (ACTS) has set to accelerate trade in the ASEAN region
The private sector in ASEAN now has access to a powerful new online system, the ASEAN Customs Transit System (ACTS), which will reduce intra-ASEAN trading challenges and enable companies to benefit fully from the ASEAN Economic Community (AEC) and the free movement of goods across the ASEAN region. In 2017, ASEAN Economic Ministers set the twin goals of reducing trade transaction costs by 10% by 2020 and doubling intra-ASEAN trade between 2017 and 2025. To realize this goal, the ASEAN Customs Transit System has been developed to allow businesses to lodge e-transit declarations directly with ASEAN Customs Authorities and to track the movement of their goods from loading at departure to delivery at the final destination. “The implementation of the ASEAN Customs Transit System plays a vital role in facilitating seamless movement of goods in the region. I believe the system would be an excellent tool in enhancing ASEAN’s trade and production networks as well as establishing a more unified market for its firms and consumers,” said Dato Lim Jock Hoi, the Secretary-General of ASEAN. “The ACTS could also support post COVID recovery to accelerate the transit movement of medical supplies, vaccines and Personal Protective Equipment within the Member States,” he added. -
Myanmar’s coffee exports have fallen by the half of this year due to the weak demand from foreign market by the coronavirus
Myanmar’s coffee export has fallen by half this year on the weak demand triggered by the coronavirus. Typically, Myanmar exports about 500-600 tonnes of coffee to external markets. The volume plummeted to 300 tonnes this year, said U Thi Ha, general secretary of Myanmar Coffee Association. Following the development of a vaccine for the COVID-19, the association is expecting a recovery of the market next year. The impacts of coronavirus hurt the coffee industry as the lockdown, and physical distancing caused a reduction in consumption. The COVID-19 crisis changed the dynamics of coffee consumption this year, and roasters, cafe owners and distributors are identifying specific trends in Asian markets that may expedite recovery to a new normal, according to ASEAN Coffee Federation. -
The avocado growers urged to expand the cultivation with pedigree plants amid high demand from Europe market
Myanmar’s avocado has market potential in European countries, and so, Myanmar Avocado Producers and Exporters Association urged the growers to expand the cultivation with the pedigree plants only. A half tonne of Myanmar’s avocado produced by grafted avocado trees was sent to England on a trial basis and it gave good feedback. Now, Germany and Italy are also proposing to buy Myanmar avocado. “We have agreed to export 30 tonnes as a preliminary event. We exported only a half tonne of avocado by air amid the COVID-19 crisis,” said U Kyaw Soe Min, joint secretary of the association. However, air freight forwarding is not profitable. Among Amara Variety (local variety), Hass and Buccaneer varieties, Buccaneer variety does not last longer than the other two. The foreign buyers prefer Hass and Amara varieties. They want the second batch of export. “This year, the grafted avocado tree season is going to end. The association is making an effort to export them in the post-coronavirus era. A tonne of avocado fetches US$3,500-$4,500 in the international market. The domestic demand is also high, and the price moves in the good range of K7,500 and 12,500 per kilo in the domestic market. It takes 21 days to ripe under normal room temperature while the avocado in cold storages is not ripe yet,” said U Kyaw Soe Min, joint secretary of the association. -
The import of CMP raw materials plunged to USD $264.7 million as of 20 November in the current 2020 – 2021 financial year
Imports of raw materials by CMP businesses touched a low of US$264.7 million as of 20 November in the current financial year 2020-2021, which fell from $332 million registered in the previous 2019-2020FY, according to the Ministry of Commerce. The figures reflected a decrease of $67 million, the Commerce Ministry’s data showed. At present, some CMP garment factories have shut down due to the COVID-19 negative impacts, leaving thousands of workers unemployed. The Covid-19 badly batters the labour-intensive enterprises, the Directorate of Investment and Company Administration stated. To deal with the shortage of raw materials for the CMP garment factories in Myanmar, the Ministry of Commerce, the Myanmar Garment Manufacturers Association and the Chinese Embassy in Myanmar, the China Enterprise Chamber of Commerce in Myanmar (CECCM) have jointly imported raw materials through border trade channels and airlines. However, import values of raw materials by CMP businesses in the past FY2019-2020 dropped to $2.17 billion, which plunged from $2.37 billion registered in the FY2018-2019. Myanmar’s manufacturing sector is primarily concentrated in garment and textiles produced on the Cutting, Making, and Packing basis, and it contributes to the country’s GDP to a certain extent. -
The foreign investors hold 13.4 percent of FMI shares in equity market as of the end of November in 2020
Foreign investors have purchased 4,460,060 shares of First Myanmar Investment (FMI) on the Yangon Stock Exchange (YSX) as of November-end, holding 13.47 per cent of shares, according to statistics released by the exchange. The upper limit for foreign shareholding amount is at 14 per cent with 4,635,357 shares. The foreign investors are about to reach the limit for shareholding, and consequently, the status of buy order acceptance is suspended on 1 December 2020. The Securities and Exchange Commission of Myanmar (SECM) has allowed foreigners to invest in the local equity market from 20 March 2020. The foreign shareholding amount stood at 4,509,475 shares of three listed companies on the exchange as of November-end. At present, 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, and Ever Flow River Group Public Co., Ltd (EFR) — are available for local investors for trading. Of them, FMI, MTSH, TMH and EFR accepted foreign shareholding, and FPB is for block trade only. The foreign shareholding ratio of the companies on the exchange, except FMI, is less than one per cent. -
Myanmar Rice Federation (MRF) urged traders to sign contract and strictly comply with trade regulations
Myanmar Rice Federation (MRF) has asked the traders to enter into a firm contract and strictly adhere to trade regulations. On 27 November, the officials of MRF and Rice Depot (Muse) discussed on rice export through Muse land border. At the coordination meeting, they highlighted current border trade situations. These matters will come forward to the governments of the two countries, selling to the authorized companies with rice import quota licence and needs for the firm contract. Legal trade channel through the border to China is crucial in Myanmar’s rice industry. Therefore, the federation and rice depot (Muse) also agreed to extend their coordination. At present, Muse depot sees regular trading, MRF stated. -
Yoma Land plans to develop its first suburban office property and second City loft project in Yangon
Yoma Land, the real estate arm of Yoma Strategic Holdings (“Yoma Strategic”) plans to develop its first suburban commercial property at StarCity and a second real estate development project under the “City Loft” brand in another part of Yangon. These two new projects are in line with Yoma Strategic’s mission to deliver a sustainable urban lifestyle and vibrant master planned communities. -
Myanmar’s pineapple exporters called for legitimate trade channel for export which still suspended this year due to the COVID – 19
Myanmar’s pineapple exports are blockaded due to the lack of the Phytosanitary Certificate (PC) issued by Myanmar’s Agriculture Department which is required for export to China, according to northern Shan State Pineapple Producers and Exporters Association. “Myanmar’s pineapple has penetrated to China market. Yet, the trade halted as there is no G-to-G agreement between Myanmar and China. Myanmar has sent samples of avocado and its products to 40 countries. Thailand’s buyers also eyed Myanmar’s pineapples. However, a memorandum of understanding (MoU) matters in international trade to ease the trade barrier. MyanTrade under the Ministry of Commerce officially linked with buyers. The Agriculture Department is responsible for issuing the PC. It is two years that the association asked the department to issue the PC. We have not received any reply to it yet. I feel pity for it that we cannot export the pineapples to external markets even if we have foreign buyers,” said U San Lin, Managing Director of Shwe Nanat Company, who is also treasurer of the association. -
The agricultural exports increased by USD $ 63 million over the past month in the current 2020 – 2021 financial year
The agricultural exports showed a remarkable increase of $63 million over the past month in the current financial year despite a drastic drop in overall export values amid the COVID-19 resurgence. Myanmar’s exports of agricultural products soared to US$435 million between 1 October and 13 November in the financial year 2020-2021 from $371.75 million in the corresponding period of the 2019-2020FY, according to the trade figures released by the Ministry of Commerce. Myanmar’s agricultural exports rose regardless of the impact of the coronavirus on foreign demand. In the exports sector, the agriculture industry performed the best, accounting for 22 per cent of overall exports. The chief items of export in the agricultural industry are rice and broken rice, pulses and beans and maize. Fruits and vegetables, sesame, dried tea leaves, sugar, and other agro products are also shipped to other countries. Myanmar agro products are primarily exported to China, Singapore, Malaysia, the Philippines, Bangladesh, India, Indonesia, and Sri Lanka. Sometimes, the export market remains uncertain due to unsteady global demand. -
The price of watermelon exported to China reached the highest level in the seven years
The price of watermelon exported to China reached the highest level in seven years, said Chairperson U Naing Win of the Myanmar Watermelon and Muskmelon Producers and Exporters Association. The watermelon fetches a high of 6,200 Yuan per tonne at present. It hit the most elevated of 7,000 Yuan per tonne back in 2013, he continued. “The melon price is extremely high. It is the highest level in six-seven years. In 2013, the melon reached the all-time high of 7,000 Yuan per tonne for 14 to 15 days. For now, the price remained at 6,200 Yuan per tonne for a month,” he said. Myanmar is daily exporting about 60 trucks of watermelon to China. And, the demand is surpassing the supply, for now, he added.
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