Monthly Business Brief, October 2024

Economy

Population and Housing Census 2024

MYANMAR has conducted for a nationwide population and household census in 2024, targeting an estimated 56 million people and 13 million households. The census was conducted in October 2024. The government plans to deploy around 42,000 auditors and enumerators who will cover 80,000 census units across 110,000 plots nationwide. These enumerators visited door-to-door, asking 68 questions for households and 18 questions for organizations.

The use of modern techniques, including mobile tablets, helped ensure accurate data collection, which was transmitted directly to the head office. The census data will play a crucial role in compiling accurate voter lists for upcoming general elections, highlighting its importance in the socio-economic indicators.

Public participation is key to the success of the census. Citizens were encouraged to cooperate with enumerators by providing accurate responses, as it is directly impacting the quality of the data collected. The government emphasizes the need for public awareness to ensure the successful implementation of the census.

Finance

US dollar and gold price stable

 Kyat was stable to Kyat 4,500 against US dollar in October due to continuous injection of the Central Bank of Myanmar (CBM). CBM sold US$ 126 million with the online trading rate of K 3556/$ to those importing edible oil, fertilizer, pharmaceuticals, and medical devices on online trading platforms and also injected 14 million yuan and 655 million Thai Bahts in October.  CBM has injected a total of US$1 billion from April to October. Gold price was stable around K 6.5 million per tickle in the market.

Trade

Notice for gold trading

The government of the Republic of the Union of Myanmar has announced that mineral (gold) trading services are essential services under the Essential Supplies and Service Law, with Notification 35/2024 on 24 October 2024. Then, the authority to release restriction, boundary, supervision, and protection orders as needed was conferred to the Ministry of Natural Resources and Environmental Conservation. Therefore, the ministry released an order recognizing mineral (gold) trading as essential services with Notification 038/2024 on 25 October 2024.

According to that Notification, it is required to apply for work licences for gold trading and action will be taken against those who fail to follow the rules and regulations under the Essential Supplies and Service Law.

Myanmar rice exports in first six month

INDONESIA is the largest importer of Myanmar’s rice, with over 210,000 tonnes in the first half of the current financial year 2024-2025, according to the Myanmar Rice Federation (MRF). Myanmar conveyed over 217,600 tonnes of rice and broken rice to Indonesia, over 209,000 tonnes to China, over 162,900 tonnes to Belgium, over 72,600 tonnes to the Philippines, over 27,100 to Cameroon, over 26,500 to Mozambique, over 19,500 to Spain, 17,500 to the Netherlands, over 13,900 to Ivory Coast, over 13,300 to Italy and over 12,300 to Poland.

Myanmar’s rice and broken rice exports to foreign countries reached over 930,000 tonnes worth US$458 million in six months. The federation aims to achieve 2.5 million tonnes of rice exports in the 2024-2025 financial year (April-March).

Myanmar bags over US$170M from fishery exports in the first six months

MYANMAR earned US$176.302 million from fishery products exports to 40 foreign countries in the first half of the current financial year 2024-2025, beginning 1 April. Myanmar steadily exports seafood to Japan, the UAE, European countries, Malaysia, Chinese Taipei and Australia. Myanmar Fisheries Federation and Fisheries Department joined hands to bolster fisheries exports. Myanmar ships over 160,000 metric tonnes of various fish to foreign countries in the April-September period, comprising over 82,000 tonnes of fisheries valued at $110 million through maritime channels and over 78,000 metric tonnes worth $65 million at borders. Myanmar makes efforts to meet import criteria of the strict customs rules of foreign customers like China.

Allow EV cars imports from remittance

Myanmar Embassy in Bangkok announced that those who remitted their salaries/incomes abroad to Myanmar by legal means will have a right to import a Electric Vehicle/year worth 5% of the total remittance. Minimum remittance should be US$ 50,000 and above a year.

Investment

Myanmar’s transport & communications sector tops FDI rankings in first six month of this FY

MYANMAR’S transport and communications sector attracted foreign direct investments of US$87.7 million in the first half (April-September) of the current financial year 2024-2025.

The Myanmar Investment Commission gave the green light to 30 foreign projects from various countries including China, Hong Kong SAR, India, Indonesia, and Thailand to make investments of $223 million in the past six months, adding increased capital by the existing enterprises. The transport and communications sector pulled $87.7 million with a capital expansion of $82.66 million this FY. The manufacturing sector drew $81.225 million, and the services sector received $44 million. The power sector brought in FDI of $8.5 million, while investments of less than one million flowed into the agriculture sector, respectively.

Singapore has so far invested $87.74 million of FDI including communication sector in the first six months of the current FY, followed by Thailand and China.

There are 2,485 permitted foreign projects from 53 countries under the Myanmar Investment Law and the Special Economic Zone Law as of September 2024. Of them, 1,958 from 48 countries are existing projects, with China, and Hong Kong SAR as the leading investors in the country so far.

Transportation

Yangon Port handles over 460 container vessels in 9 months

A total of 464 container vessels arrived at the Yangon Port in the past nine months (Jan- Sept) 2024, the Myanma Port Authority announced. Around 50 vessels in average called at Yangon Port. Yangon Port handled 629 container vessels in 2023.The international ocean liners can now access the inner port thanks to the draft extension.

After the new navigation channel (Kings Bank Channel) accessing the inner Yangon River was found, the draft extension work was accelerated. The port can now handle larger ships. The container vessel MV SITC Zhaoming (185.99 metres LOA, 35.25 metres Beam, 29,232 GRT and 2,698 TEUs) of Hong Kong-based SITC Shipping Line docked at Asia World Port Terminal for the first time on 22 June, the largest ship that AWPT Port handled. Earlier, the larger ships had draft problems preventing sailing on the Yangon River. With the draft being extended up to 10 metres, the larger ocean liners can enter the Thilawa Port.

COVID

• In order to continuously control the infection of COVID-19, the rules and restrictions have been extended until the end of November 2024.