Business

Myanmar accounts for 1.6 percent of world rubber export

Myanmar’s rubber export represents 1.6 percent of the world rubber export, according to the Commerce Ministry.

There are more than 90 rubber exporting countries around the globe, with Asian countries accounting for 80 percent of the world rubber export, while African countries export 8.5 percent.

Vacant land plots in Thilawa SEZ-A for sale

Vacant land plots remain in the Thilawa Special Economic Zone-A, according to Myanmar Thilawa Development Co., Ltd.

The Thilawa SEZ project is located about 23 km from the Yangon City center and has a total area of 2,400 hectors. The project is classified into the 400-hector Zone-A and Zone-B (phase-1). Factories and plants in the Zone-A have started their operations. Currently, 79 companies have invested in the Zone-A.

CMP garment becomes third largest export

 

The Cut-Make-Pack (CMP) garment sector stands third on the list of export items as its export earnings reached nearly US$ 700 million during four months of this fiscal year, according to the Commerce Ministry.

Myint Soe, the chair of Myanmar Garment Entrepreneurs Association said, “In the past the sector had to rely heavily on the Japanese market. Now it receives more orders from the EU market. The sector is expected to fetch US $3 billion this year.”

Chinese garment-sector dominance grows

 

According to the Association of Myanmar Garment Businesses, China has overtaken South Korea as the main investor in the clothing sector. 

Chairperson of the association Myint Soe said: “Chinese investors are now leading the market. For sales, the European Union has overtaken Japan."

He continued: “Productivity is increasing each year. Newcomers are not small- and medium-sized enterprises. They have more than 3,000 employees.”

Clothing exports set to reach $3bn

Export earnings from cutting, making and packaging clothing manufacturing is expected to reach up to US$3 billion this year, said Soe Myint, the chair of the Myanmar Garment Entrepreneurs’ Association. 

Trade deficit reaches $ 1.77 billion

 

There has been trade deficit of US$ 1.77 billion during the first four months of this fiscal year,  according to the Commerce Ministry.

From April 1 to July 21, the total trade volume amounted to US$ 9452.849 million, up US$ 1587.417 million compared with the same period last year.

Export volume accounts for US$ 3841.136 million, while import volume is US$ 5611.713 million.

CPI rises by nearly three per cent in June

The Consumer Price Index stood at 132.58 percent in late June, up 2.92 percent compared with the same period last year, according to Central Statistical Organization under Ministry of Planning and Finance.

According to the calculation of CPI using 2012 as a base year, CPI rate for food group is 144.59 percent, 115.65 percent for non-food group and 132.58 percent for all groups.

The CPI rate for the food group increased by 0.19 percent, but there was no significant change to CPI for non-food group.

Rakhine State saw the highest CPI fluctuation rate with 7.88 percent.

Myanmar to draw SMEs development strategy

Micro, small and medium enterprises in Myanmar would be encouraged on a very large scale to boost the nation’s economy under its first civilian government, according to a forum entitled, “SMEs development strategy: Issues and Solutions”, held on July 29.

Industry minister Khin Maung Cho said the government would focus on drawing and implementation of effective strategies for SMEs, as they accounted for about 98 per cent of all the businesses in Myanmar.

SMEs demand govt help

The Federation of Chambers of Commerce and Industry 

Jade mines need regulating: MPs

Mining businesses are not properly supervised as there is too little regulation of the industry, says the