ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

• 

  Myanmar is doing well in backing country’s economy during the pandemic period

  Daw Aung San Suu Kyi, the State Counsellor of Myanmar, said in her address to the country on September 25 that the country has managed to hold its economy from a downturn even though it is struggling due to the COVID-19. “Some of our people are concerned about the future in terms of economy and jobs. As I have said before, we have considered those factors. When looking at the number, the volume of investments until September this fiscal year has surpassed the previous fiscal year’s investment volume. What I want to highlight is that even though we are struggling with the COVID-19, we are doing well, to a certain extent, in managing the economy not to decline,” she said. According to data from the Ministry of Commerce, the volume of trade this year as of September is lower than that of the same period last year. However, she stressed that the country is in the position of reaching the trade volume of the previous year since there are three more months remaining until the end of the year.
• 

  Myanmar external trade increased USD $ 1.96 billion as of 18 September 2020 in the current financial year when compared to the same period of period financial year

  Myanmar external trade between 1 October and 18 September in the 2019-2020 financial year touched a high of US$35.6 billion, an increase of $1.96 billion compared with the corresponding period of the 2018-2019FY, according to the Ministry of Commerce. During the same period in the previous FY, trade stood at $33.7 billion, according to the data released by the ministry. Myanmar’s foreign trade has shown a 10-per-cent increase, year over year, under the incumbent government. Myanmar has already reached total trade value target of $34 billion for the current FY, said an official from the ministry. The Ministry of Commerce is endeavouring to boost export, enhance value-added production, reduce export barriers and provide trade financing services. In the current budget year, both maritime and border trade recorded an increase compared with the year-ago period, with exports estimated at over $17.08 billion and imports valued at $18.5 billion. Myanmar’s top export countries are China, Thailand, Japan, Singapore, the US, India, Germany, the Republic of Korea, Spain and the UK. In contrast, it primarily imports from China, Singapore, Thailand, Malaysia, Indonesia, India, Viet Nam, Japan, the Republic of Korea and the US, as per data of the Ministry of Commerce.
• 

  Myanmar foreign trade in good shape due to strong demands for agricultural products

  Despite the pandemic which has caused disturbances in trade flow, Myanmar foreign trade is in the good shape thanks to the healthy demands for agricultural products, according to the Ministry of Investments and Foreign Economic Relations. Myanmar started to feel the impact of the COVID-19 earlier this year with business suffering a severe blow.
• 

  The value of Myanmar CMP garment exports worth USD $ 3.74 billion till the end of July in the current financial 2019 – 2020 year

  Exports of garments manufactured under the cut-make-pack (CMP) system were valued US$3.74 billion in the period between 1 October and July-end in the current financial year 2019-2020, according to data from the Ministry of Commerce. Myanmar’s manufacturing sector is primarily concentrated in CMP garments and textiles, which contribute to the country’s GDP to some extent. The garment sector is among the prioritized sectors driving up exports. The CMP garment industry has emerged as a promising one, with preferential trade from Western countries. The majority of Myanmar’s garment factories operate under the CMP system, and those engaged in this industry are striving to transform CMP into the free-on-board (FoB) system, according to the Myanmar Garment Manufacturers Association. Following the negative impacts caused by the COVID-19 on the garment industry, some CMP garment factories have shut down on the reason for the lack of raw materials, leaving thousands of workers unemployed.
• 

  All clothing factories forced to close in Ayeyarwaddy Region after COVID – 19 cases tested at the factories

  Pathein, Ayeyarwady Region — Ayeyarwady Region’s COVID-19 committee has ordered all garment factories to close for two weeks after four employees tested positive for coronavirus at two factories in the regional capital. The two factories in Pathein Industrial Zone, one of which has around 700 employees and the other with over 2,000, were found to have four staff who tested positive earlier this week. The committee for prevention, control and treatment of COVID-19 led by the regional chief minister, U Hla Moe Aung, has now ordered that all clothing factories close until Oct. 7.
• 

  Yangon Region Investment Commission (YRIC) permitted six foreign investors to invest in the region

  The Yangon Region Investment Committee Wednesday permitted six foreign enterprises to invest in the region which can create 3,876 local employment opportunities, Xinhua reported. With capital of 15.727 million U.S. dollars, the permitted enterprises cover the manufacturing sector of Yangon region.
• 

  The price of onion from Seikphyu township sharply increased in the local market

  The onion from Seikphyu township is sold well at K800 per viss in the local market, up from around K400-K500 per viss previously. The local farmers from Seikphyu township mainly grow the onions. The onions are also exported annually to foreign countries through townships and border areas from across the country. The onions can be harvested in March and April. The local onion growers are selling the onion in the onion commodity depots depending upon the onion market for their family livelihood, education, health and social matters. Then, the onion from Seikphyu Township are sent to Yangon Bayint Naung commodity depot, Mawlamyine, Pathein, Pyay towns and also sent to the border routes such as Muse, Myawady and Sittway towns.
• 

  Over 220 factories in Yangon file for the complete closure, temporary closure or redundancy starting from the end of this month

  As Myanmar experiences the Covid-19 second wave outbreak, over 220 factories in Yangon Region have filed for complete closure, temporary closure or redundancy starting from the end of this month, said Region Minister for Immigration and Human Resources Moe Moe Su Kyi. “There are 223 factories. Among them, 53 will close down, 146 lay off workers and the rest close temporarily. They will do this at the end of this month,” the minister said. She added that labour cards would quickly be issued to the laid-off workers and they would be prioritized when other factories need to employ.
• 

  The value of bilateral trade between Myanmar and China exceeded USD $ 40 billion in the past four years under incumbent government

  The value of Myanmar bilateral trade with the neighbouring country China through maritime trade and border trade has stood at an estimated amount of US$42.29 billion in the incumbent government period, the statistics issued by the Central Statistical Organization under the Ministry of Planning, Finance and Industry indicated. The ministry reported that the imports outperformed the exports in trade with China over the past four years, with exports reaching over $19.7 billion and imports valued at over $22.5 billion. Between 2016-2017FY and 2019-2020 (as of August), China has been Myanmar’s largest trade partner beyond the regional states. China accounted for 80.4 per cent of total trade in the FY2016-2017 with an estimated trade value of $6.28 billion, 78.8pc in the FY2017-2018 with a trade value of over $7.05 billion, 57.45pc in the FY2018-2019 with $5.9 billion and 58.7pc in the FY 2019-2020 (Oct-April) with $3.56 billion respectively.
• 

  Myanmar trade deficit with Singapore estimated at USD $ 9.4 billion in the past four years under incumbent government

  Myanmar trade deficit in goods with Singapore was estimated at US$9.439 billion in the past four years, the statistics issued by the Central Statistical Organization under the Ministry of Planning, Finance and Industry indicated. The value of Myanmar’s bilateral trade with Singapore in normal trade and border trade topped $13.96 billion between the FY2016-2017 and the FY2019-2020 (as of August). The CSO reported that imports surpassed exports in trade with Singapore in the past four years, with exports reaching over $2.26 billion and imports valued at over $11.7 billion.