foreign trade

Myanmar foreign trade crosses US$1 bln as of 21 April

Myanmar’s trade with foreign trade partners increased to US$1.625 billion as of 21 April in the financial year 2023-2024 from $1.536 million recorded in the year-ago period, the Ministry of Commerce’s statistics showed.
Myanmar’s export was worth over $606.67 million whereas the country’s import was valued at $1.018 billion between 1 and 24 April. With border posts between Myanmar and China resuming, the border trade bounced back to $503.89 million, showing an increase of $210.3 million as against the year-ago period. Similarly, Myanmar’s seaborne trade amounted to over $1.1 billion in the FY2022-2023, indicating a sharp drop of $121.89 million from the year-ago period.
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 focusing on reducing trade deficit, export promotion, import substitution and market diversification.
The external trade tremendously grew to US$33.9 billion last Financial Year 2022-2023 (April-March), according to the Ministry of Commerce. The figures surged from $30.35 billion in the corresponding period of FY 2021-2022. The external trade stood at $15.5 billion in the past mini-budget 2021-2022 (October-March) period and $29.58 billion in the 2020-2021 FY, as per the Commerce Ministry’s statistics.

Source: The Global New Light of Myanmar

EVs, components expo to be held at People’s Park on 12 May

Under the guidance of the Yangon Region government, the Electronic Vehicles and Components Expo will be held on 12 May at the People’s Park, according to a coord meeting for organizing the EV expo with the companies.
The companies will exhibit EVs, charging stations and components at the event. The situations of EVs running in and out of Yangon will be presented as well.
Amid the global warming issues, natural disasters, air pollution and its impacts on the economy, the EVs will run in three big cities (Yangon, Nay Pyi Taw and Mandalay) as a pilot project to mitigate climate change and reduce carbon emissions.
The distributors of EVs and installers of EV charging stations; Chindwin Shan Co (CDS), Essential Motors Co Ltd (EM), Myanmar Brilliance Auto Co (MBA), Asia Pacific Automaker Corporation (AP AC), NPK Motors Co Ltd and Super Seven Star (SSS) will participate in the expo.

Source: The Global New Light of Myanmar

India-based Adani Business Group sells Yangon port and special economic zone project for $30 million

India-based Adani Business Group has sold a port and special economic zone project in Yangon for $30 million, according to Reuters.

Adani’s assets have been bought by a company called Solar Energy for $30 million, Reuters reported.

According to the statistics released in May 2021, the Adani group company invested US$127 million to establish the Yangon Port and Special Economic Zone in Myanmar, of which US$90 million was used for land.

According to a person close to the company, the investment of Adani company in Myanmar could be up to 195 million dollars, the news continued.

Reuters reports that Adani officials have yet to comment on the sale of multi-million dollar investments in Myanmar at a loss.

Adani Group announced in May last year that it would sell its investments in Myanmar as the United States imposed sanctions on Myanmar.

Source: Daily Eleven

The highest increase in the industrial sector during April

In April, Myanmar’s industrial sector rose at the fastest rate on record and has grown for three consecutive months in more than three years, according to the S & P Global Myanmar Manufacturing PMI Index report for April 2023. The S&P Global Myanmar Manufacturing PMI was calculated based on responses to questionnaires sent to input procurement managers from a group of approximately 400 manufacturers.

“Abandoning the most sustained decline seen in the last three years, figures since February have signaled an upturn in Myanmar’s industrial sector, with working conditions improving every month. Also, the key PMI index hit a record high for two consecutive months in April, marking the first time in more than three years that it has been above 50.0 for three consecutive months. A surge in new orders has led companies to increase their production, according to survey respondents. Also, job openings rose for the first time in 10 months,” said Maryam Baluch, economist at S&P Global Market Intelligence.

The main S&P Global Myanmar Manufacturing PMI, the only composite index of manufacturing performance, recorded two consecutive months above the neutral 50.0 mark since February, climbing from 55.5 in March to 57.4. The situation of the manufacturing sector is centered on the demand from the shopping side, production, It boosted the number of purchases and jobs.

The rate of increase in industrial production and new business volumes accelerated in April. In fact, the latest gains were the fastest rates recorded since the survey began in December 2015. Looking ahead, optimism among manufacturers has historically been weak, but is one of the best on record in a year. Expectations of increased orders and production supported confidence. However, the majority of respondents (96 percent) expect manufacturing to remain unchanged over the next 12 months, according to the April 2023 S&P Global Myanmar Manufacturing PMI Index report.

Source: Daily Eleven

Yangon International Airport operates 21 flights

Currently, 17 international airlines fly 21 million flights at Yangon International Airport, and more international airlines are expected to fly soon.

“Currently, 1 foreign airline is flying 21 international flights. As a domestic airline, three airlines fly domestic flights. Soon, there will be more international airlines connecting with Yangon Airport,” said an official from Yangon International Airport. Last April 26, 2023, the Xiamen-Rangoon direct flight of Xiamen Airlines, a Chinese airline, returned to Yangon International Airport.

At 5:30 PM local time on April 26th, Xiamen Airlines flight number MF 8669/70, which arrived from Shaman City, People’s Republic of China with 152 passengers, was welcomed at Yangon Airport and souvenirs were given to the arriving passengers. Xiamen Airlines between Yangon and Xiamen every Monday; There will be direct flights three times a week, every Wednesday and Friday.

It is reported that Singapore Airlines has started flying the Singapore-Rangoon-Singapore route using the new Boeing 737-8 aircraft as a new upgrade. On March 26, 2023, Singpore Airlines launched a Singapore-Rangoon-Singapore flight using a new Boeing 737-8 aircraft, with 106 passengers arriving. The flight started with 150 departing passengers, and passengers from Singapore Airlines and Yangon International Airport were welcomed with souvenirs.

The new type of Boeing 737-8 aircraft has become part of the Singapore Airlines fleet. With the new aircraft type upgrades, a better and safer air travel experience will be provided to the passengers. Singapore-Rangoon-Singapore flight via Yangon International Airport, arrival time 09-20 minutes local time; It is reported that the departure time will be 10-20 minutes daily.

Myanmar National Airlines, a state-owned airline, will operate the Yangon-Singapore-Rangoon flight once a day starting from April 23, Sunday, It will fly twice a day on Tuesdays and Fridays. Myanmar National Airlines is $380 for Yangon-Singapore round trip. The Yangon-Bangkok trip starts at $89 and the Yangon-Chiang Mai trip starts at $160.

With the MNA Mobile Application of Myanmar National Airlines, you will be able to view flight information as well as easily make ticket purchases and payments. Passengers who have booked to buy Myanmar National Airlines flight tickets will be able to check by entering the ticket number at www.flymna.com before paying.

Source: Daily Eleven