myanmar industrial port yangon 1

Myanmar registers trade deficit of over $754 mln over past 11 and half months

Myanmar’s trade gap widened to over US$754 million between 1 April and 17 March of the current financial year 2022-2023 compared to the year-ago period. Higher exports and lower imports resulted in a trade surplus of $524 million in the corresponding period of the 2021-2022 FY, according to data provided by the Ministry of Commerce. While exports were estimated at $15.95 billion, imports were valued relatively low at $16.7 billion over the past 11 and half months. Compared to the FY 2021-2022, exports showed an increase of over $1.368 billion, while import value was up by $2.647 billion. 

Myanmar aimed to achieve an export target of $15.5 billion and an import target of $14 billion for the 2022-2023 FY, totalling U$29.5 billion, according to the 2022-2023 Financial Year Budget. Myanmar’s external trade this year amounted to $32.659 billion as of 17 March this FY, which soared from $28.642 billion. The figures indicated a sharp rise of over $4 billion compared to the year-ago period. Myanmar’s maritime trade value edged up to $24.48 billion this FY from $21.359 billion recorded in the same period last year.

Similarly, the country witnessed an increase of $894.75 million in border trade as the cross-border posts with the main trade partner China was reopened. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods. The country’s export sector relies more on the agricultural and manufacturing sectors. The Ministry of Commerce is trying to reduce the trade deficit by screening luxury import items and boosting exports. The country mainly imports essential goods, construction materials, capital goods, hygienic materials and supporting products for export promotion and import substitution. 

Source: The Global New Light of Myanmar

New summer paddy price climbs to K1.6 mln per 100 baskets

The prices of some new summer paddy moved up to K1.6 million and above per 100 baskets in some delta regions on 28 March. The prices stood at K1.6 million per 100 baskets of Thuka summer paddy, K1.65 million for summer paddy and Pakan paddy, K1.55 for paddy grown under the intercropping system, K1.56 for Nanka variety, K1.7 for Ayeya Padaytha, K1.93 for Pawsan and K1.68 million for Thuka monsoon paddy, according to a rice mill in Wakema Township.

Following the rise in paddy prices, the prices of rice also increased to K55,000 per bag of summer rice grown under the intercropping system, K58,000-67,000 for 90-day short matured rice, and K73,000-90,000 for Pawsan varieties. The summer paddy will be abundantly harvested in delta regions until end-April. The summer paddy grown under irrigation systems in Mandalay and Sagaing regions will be harvested during the July-August period. New monsoon paddy in delta regions will be yielded in September.

News about high prices of rice on low supply of paddy is circulating in the market. Paddy is constantly harvested every month. Some investors are storing commodities for great profit. The 2022 monsoon paddy and 2023 summer paddy growers are receiving a handsome income. There are approximately 1.7 million acres of monsoon and summer paddy in the country. The 2022 monsoon paddy and 2023 summer paddy seasons did not see the damage caused by natural disasters. The consumers are calling for authorities concerned to govern the market to avoid an unnecessary price hike for rice varieties that are mainly consumed locally. 

Source: The Global New Light of Myanmar