Myanmar reports half-year trade deficit of US$443 million
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20 November 2013
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• Myanmar reported a trade deficit of US$443 million in the first half (April-September) of the current fiscal year. However official data provided by the Central Statistical Organisation (CSO) shows an overall increase in the balance of trade of 6.2% for the same period. According to the Central Statistical Organisation Myanmar’s foreign trade totaled $10.65 billion, of which exports amounted to $5.1 billion, while imports stood at $5.55 billion. Border trade accounted for US$1.42 billion of total exports and US$851 million of total imports. Myanmar’s major exports include natural gas, jade, beans and pulses, rice, fish, rubber and teak. Imports include oil and gas, auto-spare parts, iron and steel, palm oil, pharmaceutical products, plastics, fertilizer, cement and electronic. (From Myanmar Business Today, 7 November,2013)
• Myanmar Post and Telecommunications (MPT) have issued a tender notice inviting local and overseas companies to implement broadband wireless services in Myanmar. Bidding companies must submit proposals detailing their technical and commercial capabilities to the chief engineer of Myanmar Post and Telecommunications‘ Information and Technology Department in Nay Pyi Taw by 4:00pm on 30 November. Bidders are also required to submit relevant company registration and corporate details. Communications and other related licences will be issued by the government after the telecommunications by-laws, implementing the Telecommunications Law come into effect. (From Myanmar Business Today, 7 November 2013) • The Yangon City Electricity Supply Board has increased electricity prices for the first time in almost two years. Industry experts have noted that the increase of more than 40% is necessary to offset the cost huge electricity subsidies which can amount to almost 1% of Myanmar`s GDP and to encourage potential foreign investors in the power sector. (From Myanmar Business Today 7 November 2013) • According to the World Bank Myanmar’s GDP was 6.5% in 2012 – 2013. Growth was as a result of increased gas production, foreign direct investment, commodity exports and strongly performing services and construction sectors. The updated figures are contained in the World Bank’s Myanmar Economic Monitor (MEM) a World Bank publication which examines recent macroeconomic developments, together with policy reforms. The MEM includes a summary of findings from the Public Expenditure and Financial Accountability assessment of Myanmar completed earlier this year. The MEM also notes that various reforms introduced by the Government such as the removal of import and export licensing requirements on some 600 products, the approval of new regulations on foreign investment to provide greater clarity to some aspects of the 2012 Foreign Investment Law, the granting of licenses to private insurance companies for the first time in 50 years, and the enactment of the anti-corruption law, have improved the business environment in Myanmar. ( From Myanma Freedom, 7 November 2013 ) • The 11th edition of the “INDONESIAN ZEI-2013” trade fair is being held at Junction Square Shopping Center in Kamayut Township. The trade fair promotes Myanmar to Indonesian SME’s and entrepreneurs, and encourages friendship and intercultural awareness between the two nations. ( From The New Light of Myanmar, 10 November, 2013 ) |
• A truck assembly plant is under construction on the Magway – Taungdwingyi road. The plant is being built on 35.5 acres of land in an industrial park of 1300 acres. The assembly line will utilize a Programming Logic Control System and a modern Electrolytic Deposition Process for spraying. The project has been implemented with the technical assistance of TATA Motors Co., Ltd of India at a cost of US$ 20 million (Kyats15.048 million). The plant will have the capacity to produce approximately1, 000 cargo trucks, water bowsers, oil tankers and fire fighting vehicles, together with 500 gear boxes annually. The plant will also utilize German and Chinese pinion production machines. (From The New Light of Myanmar, 11 November, 2013 ) • The E.U has announced that Mr. Roland Kobia will replace Mr. Andreas List as E.U. Ambassador to Myanmar. Mr. Kobia previously spent four years as E.U Ambassador to Azerbaijan. In a meeting at the E.U’s headquarters in Yangon, Mr. Kobia said that the E.U aims to help Myanmar in its continued transition towards genuine democracy. (From Myanmar Business Today, 7 November, 2013)
• South Korean-based Chasson International Group and the South Korea-Myanmar joint venture, Zaya & Associated Co Ltd and Hyundai Rotem Company, have been awarded contracts for waste to energy projects in Yangon. According to Than Lwin Oo, head of the Rangoon municipal’s Pollution Control and Cleansing Department the projects have an estimated investment value of between US$180 million and $230 million. He said the electricity generated from the projects will be the Yangon municipality at 150 kyat per unit and then distributed to industrial zones around the city. (From www.dvb.no 1 November 2013)
• Mr. Masahiro Ushiyama, senior managing director of the Daiwa Institute of Research Ltd (Daiwa) has said that |
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Myanmar Central Statistical Organisation CSOMyanmar Post and Telecommunications MPTDaiwa Institute of Research Ltd MyanmarMyanmar Central Statistical Organisation trade deficitMyanmar Post and Telecommunications tender to implement broadband wireless servicesMyanmar banking sector code of conduct DaiwaYangon City Electricity Supply Board electricity pricesMyanmar GDPWorld Bank’s Myanmar Economic MonitorINDONESIAN ZEI-2013 trade fairTATA Motors Co., LtdE.U. Ambassador to MyanmarYangon waste to energy projectsCentral Statistics Organization MyanmarMyanmar Posts and Telecommunications MPTMPT Myanmar
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