Monthly Business Brief, November 2024

Economy

Myanmar and regional agenda

State Administration Council Chairman Prime Minister Senior General Min Aung Hlaing attended the Eighth Greater Mekong Subregion (GMS) Summit, the 10th Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) Summit, and the 11th Cambodia-Laos-Myanmar-Vietnam (CLMV) Summit in Kunming of China on 8 November.  SAC Chairman highlighted regional integration and connectivity at the Eighth GMS Summit , Myanmar commits to strengthening and integrating ACMECS region and Scholarship and experience sharing initiatives must align with the CLMV framework. Myanmar and China pledge to strengthen ties and cooperation, said SAC Chairman at a meeting with Chinese Premier Mr Li Qiang at Haigeng Garden Hotel in Kunming. He held talks about the promotion of friendly relations and cooperation with Prime Ministers of Cambodian, Lao and Thailand, who attend the Eighth Greater Mekong Subregion Summit.

SAC Chairman clarified the unique opportunities to invest in Myanmar as the eight priorities of China-led Global Development Initiatives (GDI) include suitable sectors for Myanmar at the gathering of China-Myanmar business leaders at Hualuxe Kunming Hotel in Kunming and he encouraged Yunnan Province to explore investment opportunities in agriculture, renewable resources, education, health, and culture, emphasizing Myanmar’s readiness for collaboration in these areas at a meeting with Mr Wang Ning, a member of the Communist Party of China’s Central Committee and Secretary of the Yunnan Provincial Party Committee, at the Haigeng Hotel in Kunming, China.

Finance

US dollar and gold price stable

 Kyat was stable to Kyat 4,500 against US dollar in November due to continuous injection of the Central Bank of Myanmar (CBM). CBM sold US$ 94 million with the online trading rate of K 3585/$ to those importing edible oil, fertilizer, pharmaceuticals, and medical devices on online trading platforms and also injected 24 million yuan and 349 million Thai Bahts in November.  Gold price was stable around K 6.1 million per tickle in the market.

Trade

Foreign trade achieved US$ 15 billion in 7 months

Myanmar’s foreign trade has amounted to over US$15.4 bil­lion as of 25 October in the cur­rent financial year 2024-2025 beginning 1 April, comprising exports worth $8.5 billion and imports valued at $6.9 billion, the Ministry of Commerce. Myanmar exports agricultural prod­ucts, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, intermedi­ate goods, raw materials imported by the CMP enterprises and consumer goods.

Myanmar rice export earnings over US$ 700 million in 7 months

In financial year 2024-2025, from April to October, Myanmar earned US$ 647 million from the export of 1,362,630 tonnes of rice and broken rice US$55 million.

In October of 2024-2025, 424,784.27 tonnes of rice/broken rice were exported for US$189 million, which was the highest among seven months, according to the data released by the Myanmar Rice Federation. A total of 60 companies exported 230,803.27 tonnes of rice and 193,981 tonnes of broken rice, totaling 424,784.27 tonnes in October. Altogether 424,534.27 tonnes were exported via maritime route while 250 tonnes were sent via border trade. Myanmar supplied 115,100 tonnes of rice to Indonesia, 42,082 tonnes to the Philippines, 39,025 tonnes to China, 10,700 tonnes to Niger, 5006 tonnes to Portugal, and 18,890 tonnes to 23 other countries, during October. As the export of broken rice in October, were delivered to Belgium, Senegal, China, Indonesia, Spain and 10 other countries respectively.

8,800+ e-commerce registrations granted over one year

The Ministry of Commerce has issued 8,890 e-commerce registrations for online sales businesses between 2 October 2023 and the end of October 2024.The Ministry will grant a reg­istration in January 2025 only after ground inspection. According to the Trade Department’s notification 11/2024, released on 9 August, fail­ure to seek registration is subjected to legal action. Under the Ministry of Com­merce, the Trade Department re­leased Notification 50/2023 dated 21 July 2023 regarding mandatory e-commerce registration through https://www.ecomreg.gov.mm. Those running online sales businesses who failed to obtain a licence six months after the notification date will face ac­tion under Section 5 of the Essential Supplies and Services Law.

  Myanmar migrant workers to receive EV import permits for 25% income remittance

MYANMAR overseas workers who transferred 25 per cent of their income to local authorized banks will be granted import permits for electric vehicles (EVs) and electric motorcycles. Myanmar migrant workers can now easily remit foreign-sourced income to their families through formal financial institutions.

Myanmar citizens, including seafarers who transfer foreign earnings to local banks, are eligible to import one electric vehicle (EV) valued at up to five per cent of an annual remittance exceeding US$200,000. Except for those receiving monthly salaries, others were allowed to import electric vehicles or electric motorcycles, which is equivalent to five per cent of the remittance if they made inward remittance worth $50,000 per year. If an individual’s remittance does not meet the amount of the EV or electric motorcycles, they can import them collectively.

Manufacturing

Myanmar and Russia to build foliar fertilizer factory in Nay Pyi Taw

According to the Ministry of Agriculture, Livestock, and Irrigation, Myanmar and Russia will collaborate to establish a factory in Nay Pyi Taw to produce foliar fertilizer. The two countries have already discussed signing a Memorandum of Understanding (MoU) for bilateral economic and technological cooperation, as well as importing natural foliar fertilizer from Russia. Additionally, they have explored collaboration in investment, agriculture, and mining.

Myanmar has approximately 15 million acres of monsoon paddy, with an annual rice production of 1,088 million tonnes. As fertilizers for farmland are imported each year, there is a significant demand. During the 2022-2023 financial year, Myanmar imported over 22 million tonnes of fertilizer, with nitrogen urea fertilizer and compound fertilizers being the most significant imports. The Urea Fertilizer Purchasing and Distribution Steering Committee has set a target to import 1.6 million tonnes of fertilizer during the 2024-2025 financial year.

COVID

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