ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  Myanmar – EU trade exceeded USD $ 2.57 billion in nine months of the current financial year

  Myanmar’s trade with members of the European Union (EU), during the first nine months of the current financial year 2019-2020, reached over US$2.57 billion, according to the statistics released by the Ministry of Commerce. Myanmar’s export to the EU surpassed its import, with $1.845 billion worth of export and $726.147 million valued import. Beyond regional trade regime, Myanmar has established trade links with EU members. Germany is the biggest trade partner in EU with the most considerable trade value, of $564.993 million with Myanmar, followed by Italy in second place, with about $349.166 million. Spain was listed in third place with trade valued at $344.092 million, while The Netherlands stood at fourth place with an estimated trade value of $325.755 million. Myanmar’s trade with France reached about $243.332 million.
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  The value of Sino – Myanmar bilateral trade reached over USD $ 9.17 billion in October and June in the 2019 – 2020 financial year

  The value of Myanmar trade with China through maritime trade channels totalled over US$9.17 billion in October and June of 2019-2020FY, including $4.03 billion worth of exports and $5.13 billion for import, according to the data released by the Ministry of Commerce. Myanmar primarily exports agro products to China through the borders. However, trade of agricultural products is frequently halted on account of China clamping down on illegal trade in border crossings. China has been stepping up border control measures to contain the spread of the coronavirus, causing traffic congestion in the border areas of two sides and delays.
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  Ministry of Commerce banned importers for providing forged or incorrect documents from applying for import licenses through online system

  Department of Trade under the Ministry of Commerce on August 14 has placed a three-month ban on importers, warned by the FDA for providing forged or incorrect documents, from applying for import licenses through the online system. FDA has warned companies who provided incorrect or forged documents required when applying for Import Recommendation (IR). The Department of Trade issued a food import license per the Food and Drug Administration’s IR. It also has announced the negative list for the goods that required import license on May 21, 2019, at https:www.commerce.gov.mm.
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  The value of regional trade reached USD $ 9.94 billion in the nine months of 2019 – 2020 financial year

  The value of Myanmar trade with ASEAN countries through the sea route and land borders has registered at US$9.94 billion in the nine months (Oct-June) of the 2019-2020 financial year, according to the Ministry of Commerce. The ministry reported that imports surpassed exports in regional trade, with exports reaching over $3.6 billion and imports valued at over $6.32 billion. Since October, Thailand has been Myanmar’s largest trade partner in ASEAN, with trade valued at $3.9 billion, followed by Singapore ($3.3 billion), Malaysia (over $1 billion) and Indonesia ($936.5 million). Viet Nam has emerged as the nation’s fifth-largest trade partner, with bilateral trade estimated at $609.47 million.
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  Myanmar Investment Commission (MIC) approved three new investments worth USD $ 20 million which will create 750job opportunities

  The Myanmar Investment Commission held a regular meeting yesterday morning. The meeting was chaired by Union Minister U Thaung Tun, Chairman of the MIC, Union Minister Dr Than Myint, Vice-Chairman of the MIC and (10) members of the Commission attended in the meeting. Chairman of MIC, U Thaung Tun stated that MIC strives for achievement of the investment targeted amount of USD 5.8 billion in the near future and further stressed MIC’s commitment to responsible investment. The meeting approved (3) new projects in the manufacturing sector, hotel sector and other services sector as well as additional investments in (3) existing projects. The approved projects amounted to USD (20.057) million, Kyat (158,059) million and (750) job opportunities are expected to be created.
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  Ministry of Agriculture, Livestock and Irrigation will provide fish seeds for 15,000 acres of fish breeding ponds

  The Ministry of Agriculture, Livestock and Irrigation will provide 2,000 fish seeds per acre of the fish breeding pond for a total of 15,000 acres of fish breeding ponds using K 6 billion budget. The Ministry has provided fish seeds to owners of 112.61 acres of fish-breeding ponds in Taungoo Township as the first batch and will provide fish seeds to 421.69 acres. Moreover, the government has allocated K60 million for training programs on safety on the seas and the ministry is planning to provide trainings to fishermen and fishing breeding farmers in the most effective ways.
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  Annual inflation rate in Myanmar stood at 7.91 percent in June 2020

  The annual rate of inflation in Myanmar, based on the Consumer Price Index, stood at 7.91 per cent in June 2020, according to a report released by the Central Statistical Organization under the Ministry of Planning, Finance and Industry. The figure has remained above 8 per cent since June 2019. The inflation rate stood at 7.28per cent in March 2019 and gradually inclined. It reached a peak of 8.61 per cent in September and dipped in November. It touched the highest level at 8.81 per cent in December 2019 because of the high season. Afterwards, despite the drop in fuel oil price and gain in local currency, power tariff hike led to higher inflation rate up to 9.2 per cent in February 2020. Then, it gradually declined. The inflation rate was registered at 8.35 per cent in May 2020, and so, the month of June with 7.91 per cent witnessed a small decrease of 0.44 per cent against May’s rate. The core inflation, which strips out volatile food and energy prices, was 13.41 per cent in June 2020. The Myanmar Kyat weakened against the US dollar in June, with a fall of K13 than the previous month. However, the imported oil price and gold price significantly rose in June compared with May’s rates, causing food price to increase sharply.
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  The total border trade using Individual Trading Cards (ITCs) exceeds over K 37 billion in ten months of the current financial year

  Total border trade conducted by Individual Trading Cards (ITCs) exceeded K37.84 billion in ten months of the current financial year (FY) of 2019-2020 which started in October, according to the data released by the Ministry of Commerce. From 1 October to 31 July this FY, the Ministry issued 61 ITCs and export using those cards through border gates earned the exporters over K2.6 billion while its imports exceeded K35.24 billion. The Myawady border recorded the highest trade at a value of K24.78 billion in the current FY, according to the Commerce Ministry. Myanmar mainly exports agricultural products, animal products, marine products, minerals, forest products, manufacturing goods and others to foreign trade partner countries. In contrast, capital goods, intermediate goods and consumer goods are imported.
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  Tanintharyi Region plans to export marine products to Thailand in order to increase foreign income of the trading sector

  YANGON-Although all industries in Taninthari Region temporarily suspended during COVID-19 outbreak, plans are underway to export marine products from Taninthari Region to Thailand, according to the announcement of the Ministry of Agriculture, Livestock and Irrigation. In order to increase foreign income of the trading sector, three cooperative associations in Kawthaung Township, Taninthari Region exported their fishery products to the abroad. So, they had earned US$4.6 million from export of fishery products in 2019-20 fiscal years.
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  Copperbrains introduced a new e-commerce solution based on facebook messenger for SMEs

  Copperbrains, an IT solution provider linking businesses with the digital ecosystem in Myanmar, launched the eBOT, a Facebook integrated system helping customers purchase their favorite products via Messenger. The solution aims to support local entrepreneurs by connecting them to a growing market of e-Commerce. Two years ago, the company developed its first eBOT in Myanmar for myanpwel.com. An easy setup solution connects the enterprise directly to its Facebook page and then brings it into the eCommerce market. Moreover, unlike other international solutions, eBOT is also compatible with local payment methods enabling customers to make payments not only with VISA or Mastercards but also using vastly popular mobile wallets. The launch was initially planned for November 2020 but due to the COVID-19 pandemic, the team has decided to fast forward a first version of the eBOT earlier.