ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Yangon Region Entrepreneurs Association (YGEA) is exerting to seek the large-scale gold trading permit with local investments

  Yangon Region Gold Entrepreneurs Association (YGEA) will exert its effort in seeking large-scale gold selling and buying permit with the local investments, said YGEA Chairperson U Myo Myint. “We want to link with global gold trading hubs. We want to get into global gold trading. That is why we will again seek the gold trading permit for a large scale,” he added. At present, trading worth above K200 million is considered as the large-sale trading in the domestic market. In contrast, middle-scale trading covers above K100 million and small-scale is meant for trading valued around K50 million. “YGEA’s trading value stands at above K200 million, with selling at least two visses of gold (a viss equals to 1.6 kg). Consequently, we are applying for the large-scale investment permit,” he highlighted.
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  Sagaing Region is planning to grow 600 more acres of onion and garlic in December as winter crops

  Sagaing Region is planning to grow about 600 more acres of onion and garlic as winter crops, according to the local farmers. “We are planning to grow more crops in December. We are relying on winter onion more than monsoon onion. Not only onion but also garlic is grown mostly in winter because there can be less moisture in harvest time. Fresh onion and garlic will emerge in March and April. This year, each farmer will grow one or two acres of onion and garlic, said a local farmer from Katha. Now, the local farmers are preparing to grow the onion and garlic, collecting the seeds and repairing the farmland.
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  The value of bilateral trade between Myanmar and China reached USD $ 12 billion in the past 2019 – 2020 financial year

  The value of Myanmar’s trade with China through the maritime trade route and land border topped $12 billion in the past financial year 2019-2020, the Ministry of Commerce’s trade data showed. The MoC reported that imports surpassed exports in trade with China, with exports reaching over $5.4 billion and imports valued at over $6.7 billion during the last FY. Myanmar trade deficit in goods with China was estimated at over $1.3 billion, the data released by the Ministry of Commerce indicated. This year, China has been stepping up border control measures to contain the spread of the COVID-19, causing traffic congestion in the border areas of two sides. Between the 2016-2017FY and the 2019-2020FY, China has been Myanmar’s largest trade partner beyond the regional states.
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  The onion prices dive as demand collapses amid the coronavirus resurgence

  The prices of onions plunged to below K1,000 per viss (a viss equals to 1.6kg) owing to the bulk supply and the closure of western border amid the coronavirus resurgence. Earlier, onions were highly demanded by Bangladesh, India and China. Now, the trade with Bangladesh and India has halted to contain the spread of the coronavirus. That is why the price is on the decline, said onion depot owner from Mandalay. The western border of Myanmar is still closed due to the coronavirus resurgence. At present, there is a steady demand by Muse border and domestic markets. However, the stockpiles of old onions cause the price to decline lower. The onion prices move in the range of K700 to 900 per viss depending on quality on 16 November 2020, on the back of bulk supply of 200,000 visses to Yangon market.
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  Myanmar imports over a quarter-million tons fuel in October 2020 through sea route due to the domestic consumption has increased

  Myanmar has imported over a quarter-million tons of diesel and gasoline in October through sea route as the consumption has increased in open season, according to the data from the Ministry of Commerce. On October 4, the country imported 48,390.86 tons of diesel worth $16.096 million while it imported 47,950.61 tons of gasoline worth $16.4286 million and 16,942.97 tons of diesel worth $5.749 million between October 4 and 10. It also imported 23,922.51 tons of gasoline worth $8.307 million tons on October 18.
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  Myanmar cannot meet China’s daily rice demands due to the COVID – 19 restrictions and transport difficulties

  China needs 80,000 bags of rice daily, but over 30,000 goes there due to restrictions China needs 80,000 bags of rice a day, but Myanmar can export just over 30,000 bags through Muse border gate due to the Covid-19 restrictions and transport difficulties, according to the Ministry of Commerce. Over 30,000 bags of rice go to China daily via Muse (105th Mile) Trade Zone border China, according to Muse Rice Wholesale Center.
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  The raw sesame, peanut import proposal caused price shakeup in the domestic market

  The news of a company’s import proposal for raw sesame and peanut makes changes in pricing in the local market, said U Htay Chun, Vice Chairman of Mandalay Depot. “The Ministry of Commerce reported that a certain company had sought import permit for raw sesame and peanut to be produced on a CMP basis and re-exported to foreign markets. The news shook up the pricing, with black sesame dropping to K180,000-150,000 from over K200,000 per three-basket bag. The market will be competitive as the imported sesame is priced cheaper. However, it will undoubtedly harm the interest of the growers. Consequently, the domestic sesame will be offered a low price,” he elaborated. The Ministry of Commerce asked the opinions of Myanmar Pulses, Beans and Sesame Seeds Merchants Association regarding the importation proposal of 10,500 tonnes of raw sesame and 32,000 tonnes of peanuts under zero tariff. As it could harm the interest of the local growers, the association has forwarded this news to the respective depots where sesame and peanut are primarily traded and has asked for their opinions.
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  The value of China – Myanmar border trade through Muse border dives by UDS $ 353 million amid COVID – 19 resurgence

  The value of Myanmar-China border trade through Muse land border plunged to US$264.46 million over the first months of the current financial year 2020-2021 owing to the impacts caused by the COVID-19 resurgence. The figures reflect a decrease of $353.5 million compared to the corresponding period of the previous budget year, according to the Ministry of Commerce. Exports through Muse border were worth $126.136 million, while imports were valued at $138.32 million between 1 October and 6 November 2020. During a-year ago period, Muse border post witnessed trade worth $617.976 million. Muse border checkpoint is an essential one in Myanmar and handles an enormous volume of trade. But at times, it has experienced a sharp drop in business on account of China clamping down on illegal goods, resulting in a halt in trading of agricultural products. Moreover, the COVID-19 impacts slow the trade this year.
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  A virtual press conference on informing the public about the challenge grant competitions under 5 goals COVID - 19 Economic Relief Plan (CERP)

  Ministry of Commerce held a virtual press conference to inform the public about the Challenge Grant competitions under 5 goals of COVID-19 Economic Relief Plan (CERP) and the opportunity to participate yesterday morning in Nay Pyi Taw. Deputy Minister for Commerce U Aung Htoo in his capacity as the Chairman of Digital Trade and E-Commerce Development Sub-Committee and Resident Representative for UNDP Myanmar Mr Titon Mitra delivered opening remarks. The Deputy Minister said the Ministry of Commerce is working with government agencies, Chamber of Commerce, business associations and development partners to build an e-commerce ecosystem and to implement the digital transformation goals. He added the current global pandemic is threatening many traditional businesses and we need to accelerate digital innovation with a view to digital transformation and to promote digital transformation through innovation.
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  Asian Development Bank (ADB) has provided USD $ 484 million loan for the new Greater Mekong Sub-region expressway

  The Asian Development Bank (ADB) has approved US$483.8 million loans to construct a 64-kilometre long new expressway connecting Kyaikto township in Mon state and Bago region. It is aimed at supporting the development along the Greater Mekong Sub-region (GMS) east-west economic corridor. “The Second GMS Highway Upgrading Project will help the government build the four-lane, climate-resilient expressway and help ensure more efficient, safer movement of goods and people along the GMS economic corridor,” said Shihiru Date, the ADB Senior Transport specialist.