ข่าวเศรษฐกิจและธุรกิจประจำสัปดาห์

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  The annual inflation rate in Myanmar dropped to USD $ 5.21 percent in October 2020 due to the pandemic

  The annual rate of inflation in Myanmar, based on the Consumer Price Index, continued dropping to 5.21 per cent in October 2020 as consumer price fell amid the COVID-19 impacts, according to the inflation report released by the Central Statistical Organization, under the Ministry of Planning, Finance and Industry. There was a slump in consumer demand triggered by the COVID-19 outbreak in March 2020. As a result of this, the annual inflation rate extended its drop in October 2020, as per the report. The US dollar against Kyat is relatively weak in October, with a fall of about K20 than the previous month and a sharp drop of K214 against a year-ago period. The imported oil price dropped against September’s rate, causing the price index in the transport group to slump, the inflation report showed.
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  Myanmar will export corn to Thailand under zero tariff starting from 1st of February 2021

  Myanmar is prepping for corn export to Thailand under zero-tariff starting from 1 February 2021, said U Min Khaing, chairman of Myanmar Corn Industrial Association. Thailand imposed a hefty tariff on import during its corn season to protect the interest of its growers. It grants tax exemption for corn import between February and August, he continued. “Thailand imposed 73 per cent of tax on corn import during the harvest season. The large tariffs prompt Myanmar’s exporters to halt the trade at that time. Consequently, we wait for the tax exemption period from 1 February to 31 August, he elaborated. Thailand yearly imports up to 5 million tonnes of corn from external markets. With the local corn consumption growing, Myanmar’s corn export is expected to reach 1.6 million tonnes in the current financial year, the association stated.
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  Myanmar Edible Oil Dealers’ Association (MEODA) adopted new policy to import quality edible oil from overseas

  In a bid to improve local edible oil production and import safe and quality oil from overseas, Myanmar Edible Oil Dealers’ Association (MEODA) will lay down policies on import standard specifications, the association affirmed on the 28th annual meeting held virtually on 12 December. The association will raise awareness of edible oil and coordinate with the related organization to eradicate the illegal imports of edible oil, which has no guarantee for health. We must exert concerted efforts to import the quality edible oil from abroad in fulfilling the local consumption requirements, Dr Than Myint, Union Minister for Commerce delivered a message at the virtual event.
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  About five local garment factories have started manufacturing PPE suits to seek global market

  About five local garment factories have started making personal protective equipment (PPE) suits, but Myanmar has to struggle for global market because China has taken 70 percent of global market shares, according to Myanmar Garment Manufacturers Association. “As the government encourages DaNa Facility, we are also trying to make PPE at garment factories. We need a market. Chinese PPE has already penetrated 70 percent of global market for many decades. So we find it difficult to seek a global market. If there is a market, there will also be investors. About four or five garment factories have started making PPE. Our PPE manufacturing does not mean hospital use only. There will also be PPE uniform for factories,” said Khaing Khaing Nwe, secretary of the association.
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  The value of fisheries exported slumped by USD $ 20 million in the past two months of current 2020 – 2021 financial year

  The value of Myanmar’s fisheries exports in the past two months dropped by US$20.7 million compared with a year-ago period on account of the border trade restrictions by the neighbouring countries China and Thailand amid the COVID-19 crisis. Myanmar exported $146.849 million worth fishery products to the external market between 1 October and 27 November of the current financial year 2020-2021. The figures plunged from $167.549 million registered in the corresponding period of last FY, the Ministry of Commerce’s data showed. Myanmar’s fisheries export slightly declined over the past two months, owing to the pandemic-induced restrictions in the border trade. The export will undoubtedly grow if the trade route is open, said an exporter from the Muse border. Myanmar Fisheries Federation (MFF) targets to earn over US$1 billion from fisheries exports in the current financial year started from 1 October 2020, said U Win Kyaing, general secretary of MFF.
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  Myanmar government projected to export two million tons of rice and broken rice in the current 2020 – 2021 financial year

  The Myanmar government aims to achieve the export target of 2 million tons of rice and broken rice in fiscal year (FY) 2020-2021 beginning October, an official from the Ministry of Commerce said Saturday. "Rice export depends on domestic market price and export demand. Myanmar managed to export around 2 million tons of rice in previous fiscal years," said Myo Thu, director of the ministry's trade promotion department.
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  Yangon – Bangkok highway project has launched with the financial assistance from Asia Development Bank

  The Yangon-Bangkok highway project that will allow people to reach Bangkok Yangon by bus in nine hours has launched with financial assistance from Asia Development Bank, according to the Ministry of Construction. Currently, it takes 16 hours to travel 570 miles from Thialwa, Yangon to Bangkok by vehicles. One the new route, it will take four and a half hours to drive from Thilawa to Myawaddy city, the Myanmar-Thailand Border, and another four-and-a-half-hour from Maesot to Thailand. The two sides are in talks on the project, Dr. Kyaw Lin, Deputy Minister of the Ministry of Construction, said. To connect Thilawa Port to Bangkok in nine hours, Myanmar has been building an outer ring road in Yangon to avoid traffic congestion which starts from Htaukkyant to downtown Yangon populated with buses, cars, and other vehicles. Moreover, it also built a new expressway connecting Bago and Kyaikhto as well as other outer ring roads in other cities such as Kyaikhto, Thaton, and Belin.
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  Myanmar’s rice export through sea trade plummets in the past two months of current financial year

  Myanmar’s rice export through sea trade drastically plunged in the past two months amid the competitive pricing, the traders said. The export price of Myanmar’s rice is relatively lower than in other Asian countries such as Thailand and Viet Nam. Yet, the prices are a bit higher than those market prices of India and Pakistan, Myanmar Rice Federation (MRF) stated. Myanmar cannot practise price reduction strategies based on competition to cover the production and logistic costs. Consequently, exports by sea are dropping, for now, said exporters. Myanmar’s rice export by sea generated an estimated income of US$77.08 million as of 27 November in the current financial year, and the figures reflect a decrease of $74.67 million compared with a year-ago period. The export volume by sea plunged from over 519,368 tonnes to 206,046 tonnes in the current FY, as per data released by MRF. However, rice exports via land border rose in the current FY. Rice exports through the land borders have generated an estimated $53.96 million (144,214 tonnes) in the current FY, which increased from $25.379 million (96,224 tonnes) registered in the corresponding period of last year.
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  Malaysia has offered to buy about 15,000 tons of rice from Myanmar

  Malaysia has offered to buy about 15,000 tons of rice from Myanmar and will invite a tender in December, according to the Ministry of Commerce. “Malaysia has proposed to buy about 15,000 tons of rice from Myanmar. As it will buy our rice through tenders, we will call tenders this month,” said a ministry official. The ministry’s figures show that the export volume of rice and broken in about 45 days this fiscal year has fallen by over 170,000 tons compared to the same period of last year with rice export income falling by over US$30 million.
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  Myanmar Investment Commission (MIC) gives green light to remaining 24 proposals in the current 2020 – 2021 financial year

  During the current financial year 2020-2021, Myanmar Investment Commission (MIC) will give the go-ahead to 24 proposals submitted in the previous FY2019-2020, and they are carefully assessing the projects, said Director-General U Thant Sin Lwin of the Directorate of Investment and Company Administration (DICA). Twenty-four foreign investment proposals have an estimated capital of over US$3.5 billion. The commission is carefully reviewing 24 proposals due to large projects, he added.