Business

Price of beans plunges with India ban, new markets emerge in Pakistan, China and Nepal

Myanmar, previously dependent on the Indian market to purchase green gram and pigeon peas, has had to develop markets in Nepal and Pakistan after India placed a ban on bean imports. And now China is emerging as a customer for the legumes.

Recently, China started buying beans via the border gate, said Khin Maung Lwin, assistant permanent secretary of the Commerce Ministry.

CPI increases by 4.4% in last year’s December

With commodity prices increasing, the Consumer Price Index (CPI) that measures the cost of a mix of household necessities, in December 2017 stood at 138.29 per cent of its 2012 baseline, a 4.45 per cent increase over the same period last year.

The nationwide CPI for the food item group was 150.63 per cent, with non-food items at 120.92 per cent for non-food item and all other items at 138.29 per cent compared to the 2012 baseline, according to the Central Statistical Organization (CSO) at the Ministry of Finance and Revenue.

Local businesses fret over minimum wage hike

 

By KhineKyaw

Myanmar Eleven

Asia News Network

Yangon

Onion prices continue to plunge

Owing to a higher supply and lowering demand, onion prices are still in decline, according to merchants.

A viss (1.6 kilograms) of onion was K3,200 in the first week of January. The new harvest to the Pakokku market in Magway Region has brought down the prices to K2,400 per viss.

Now the price-per-viss is as low as K1,600.

Onion dealer Kyaw Than at Pakokku said: “On January 15, about 40,000 viss of onions entered the market.”

Jade sales fetch nearly $300 million

Myanmar earned over US$290 million (389.8 billion kyat) from jade exports up to the first week of this month in 2017-2018 fiscal year. Sales were down by over $210 million compared to the same period of last FY, according to the Ministry of Commerce.
Last year’s sales for the period were $404, compared to $291 this fiscal year, said Khin Maung Lwin, assistant permanent secretary of the ministry. 

Myanmar should focus on agriculture-based industries: Union minister

Myanmar must become an agriculture-based industrial nation, said Union Minister For Planning and Finance Kyaw Win.
The union minister made the comment at a recent meeting held in Nay Pyi Taw, the official capital of Myanmar.
The meeting focused on financial businesses and technology management for development of small and medium enterprises (SMEs) that are important for the speedy economic development of the country.

Marine export earnings hit over $497 million

According to the Fisheries Department (Yangon region), the country has earned nearly US$498 million (672.66 billion kyat) from exports of marine products during this fiscal year.
Tun Win Myint, head of the Yangon Region Fisheries Department said export earnings were expected to hit $700 million during this year if they can consistently meet exports of  $70 million tonnes monthly.

Garment exports up as govt, industry work on longterm strategy

Myanmar exported US$1.86 billion (2.51 trillion kyat) worth of products from garment factories operating under the “cut-make-pack” (CMP) system as of the first week of January in fiscal year 2017-2018, according to the Ministry of Commerce.
The number represents a more than $568 million increase over exports for the same period last fiscal year, said Assistant Secretary Khin Maung Lwin of the ministry.

Tanintharyi region in urgent need of power investments

 

PEOPLE’S thirst for electricity would create a lot of opportunities for investors to do business in Myanmar’s Tanintharyi region bordering Kanchanaburi Province.

KyawKyaw Win, a small-scale food manufacturer living in Dawei, the capital of the region, said locals were eager to welcome any bid to boost access to electricity by the authorities as long as it could not harm the environment and their livelihoods.

Rice export volume reaches more than 2.6 million tons

 

Rice export volume reached more than 2.6 million tons until the first week of January in 2018 – up 1.6 million tons compared to the same period of last year, a source of the Ministry of Commerce said.