ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Myanmar – India border trade decreased by USD $ 102.5 million in the current 2019 – 2020 financial year

  Bilateral trade between Myanmar and India hit US$91.14 million as of 11 September in the current financial year 2019-2020 ending 30 September, said a statistical report of the Ministry of Commerce. The border trade during the period declined by $102.5 million compared to that of the same period last year. The Myanmar-India total border trade during the period was shared by the export of $88 million and its import of $3.1 million. During the same period last year, India-Myanmar bilateral trade was $193.7 million in total. The two countries use the Tamu, Reed and Kenglap border trade camps to deliver the goods commercially. According to the Ministry of Commerce, the total trade volume from Tamu border trading post in FY 2019-2020 was $40.5 million with exports valued at $39.5 million and import $1.03 million. Total trade volume via the Reed border trade post in the same period was $50.2 million with exports valued at $48.2 million and import $2.03 million.
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  Myanmar onion export recorded the highest volume in the current 2019 – 2020 financial year

  Myanmar exported the highest volume of onion in 2019-2020 financial year throughout the onion export history, according to a news released by the Ministry of Commerce. The country exported over 105,000 tonnes of onion, earning over US$48 million as of August this FY. Myanmar exported over 60,000 tonnes of onion to China, over 14,000 tonnes to Thailand, over 5,000 tonnes to Malaysia, over 2,500 tonnes to Singapore, over 600 tonnes to India, over 22,000 tonnes to Bangladesh and about 27 tonnes to South Korea. The onion is permitted to export if there is self-sufficiency for domestic consumption. The price of onion is up and down rapidly because Myanmar exports onion to Bangladesh while India suspends the onion import from Myanmar. Starting from September 2019, the country has also exported onion to Bangladesh. Myanmar’s onions are primarily shipped to markets in China and Bangladesh where cultivation of the onion is on the decline. “The country exported over 14,000 tonnes of onion during the outbreak of coronavirus. The onion is exported mostly to Bangladesh via Rakhine. Now, the price of onion has dropped in the local market,” said an official from the Ministry of Commerce.
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  The suspension of Sino – Myanmar border trade is dependent upon coronavirus diagnosis

  Suspension of Sino-Myanmar border trade is dependent upon coronavirus diagnosis, said U Min Thein, vice-chairman of Muse Rice Wholesale Centre. After COVID-19 positive patients were found in Ruili (Shweli in Myanmar language) in China on 12 September, China has restricted travelling into and out of the town and has imposed lockdown except for hospitals and supermarkets in Ruili since 14 September. China has locked down a city bordering Myanmar and will open the crossing after they have conducted COVID-19 tests. So, it will take a week. China’s Customs clearance office was also suspended starting from 15 September. “After China has imposed lockdown, they have been testing around 50,000 people a day starting from 16 September. It will take four days to know the results. There are more than 200,000 people to test. After testing, the gate will be opened within seven days if only a few people are found positive in Ruili. We also assume that the Customs clearance office will also be reopened.
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  Myanmar earned USD $ 764 million from 2.5 million tonnes rice export in the current fiscal year

  Myanmar has exported over 2.5 million tonnes of rice and broken rice as of 4 September in this financial year (FY), stated Myanmar Rice Federation (MRF) on Wednesday. According to the figures released by MRF, the country has exported over 1.56 million tonnes of rice to 66 countries and 934,197 tonnes of broken rice to 60 countries, earning over US$64 million. Myanmar has set a target to export 2.5 million tonnes of rice in present financial 2019-2020 which started from 1 October, according to MRF.
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  Only six trucks per day allowed in entering at Tachilek – Mae Sai border after negotiations between countries

  The surge in coronavirus cases in Myanmar led Thailand to close its border area in Mae Sai recently. Only six lorries are now allowed on Tachilek-Mae Sai bridge per day after negotiations of the two countries, stated the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) in its news release. Following the coronavirus resurgences in Myanmar, Thailand imposed a ban on Myanmar’s trucks plying through Tachilek-Mae Sai No.2 Friendship Bridge on 15 September. Myanmar officials were prompt to negotiate with Thailand counterparts in the afternoon of 16 September, and six trucks will be allowed for entry and exit on the bridge. The entry and exit restriction will undoubtedly hinder the flow of goods. The truck drivers are issued entry cards. They will be fined 100,000 baht or one-year imprisonment if they violate the rules published in Chiang Rai province, the UMFCCI stated.
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  Myanmar and South Korea pledged to cement their economic cooperation, trade, investment and energy sector to help overcome the economic fallout from the pandemic in Myanmar

  Myanmar and South Korea have agreed to cement their economic cooperation, particularly in the trade, investment and energy sectors, to help Myanmar overcome the economic fallout from the coronavirus pandemic. Speaking via videoconference during Wednesday’s first meeting of the two countries’ Joint Commission for Trade and Industrial Cooperation, South Korean Trade, Industry and Energy Minister Sung Yun-mo said his country would boost investment and trade relations with Myanmar despite COVID-19’s hampering of the economy. The meeting aimed at finding ways for Myanmar to expand economic ties with South Korea. The two sides exchanged ideas on pressing economic issues between the two countries relating to COVID-19.
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  The Financial Literacy Festival was launched to remove the gap in access to financial services in Myanmar

  The Financial Literacy Festival, a week-long virtual learning program on financial literacy, was launched today by Prudential Myanmar, Yoma Bank and Phandeeyar Institute to remove the gap in access to financial services and raise financial literacy among the people in Myanmar, according to a statement. The festival is designed to strategically provide support to individual students, micro, small and medium enterprises (MSMEs), as well as the general public by enhancing their financial literacy skills and capacity of leveraging digital solutions.
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  Myanmar rice trade through sea accounted for 84 percent in the 2019 – 2020 financial year

  Myanmar maritime trade constituted 84 per cent of rice exports. It generated an estimated income of US$646.759 million as of 4 September in the current financial year, as per data from Myanmar Rice Federation (MRF). 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 14 per cent of the total rice exports. Rice exports through the borders have generated an estimated $117.669 million in the current financial year. MRF expected to ship 2.4 million tonnes of rice, and broken rice in the current FY and the country meet the export target before the financial year-end. Between 1 October and 4 September, Myanmar sent over 402,528 metric tons to neighbouring countries through border trade, while over 2.09 million tonnes of rice and broken rice were shipped to foreign trade partners via maritime trade, totalling over 2.5 million tonnes.
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  Dai -ichi Life Insurance Myanmar is ready to deliver its “Peace of Mind” propositions to Myanmar communities

  Dai-ichi Life Insurance Myanmar announced that it is ready to deliver its “Peace of Mind” propositions to the Myanmar community as it celebrates the 118th. anniversary of Dai-ichi Life Group on September 15. Founded in 1902 by Tsuneta Yano, The Dai-ichi Life Insurance Company was the first mutual life insurance company in Japan and has since expanded into nine countries, serving over 66 million customers. “We are extremely proud of Dai-ichi Life’s longevity and are excited to continue to bring its principles to Myanmar while also striving to ensure that people live a limitless life knowing that Dai-ichi Life will be by their side, serving our customers to meet their financial goals, thereby enhancing their financial security in any stage of life,” said Daw Zarchi Tin, the Chief Executive Officer of Dai-ichi Life Insurance Myanmar.
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  Myanmar’s external trade increased USD $ 1.84 billion between 1 October and 4 September in the current 2019 – 2020 financial year when compared to the same period of previous year

  Myanmar’s external trade between 1 October and 4 September in the 2019-2020 financial year touched a high of US$34.35 billion, an increase of $1.84 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 $32.5 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 a total trade value of $34 billion for the current FY, said an official from the ministry.