Mineral exports exceed $1 bln in 2019-2020FY H1

LOCAL NEWS

Myanmar’s mineral exports have shown a marked increase this fiscal, touching US$1.13 billion between 1 October and 3 April, an increase of $537.8 million compared with the year-ago period, according to the data from the Ministry of Commerce.
In the corresponding period of the previous financial year, mineral exports were pegged at just $596.27 million.
Both private and public sector mineral exports have recorded an increase in the current fiscal, with private sector exports valued at $679.24 million and public sector exports estimated at $454.87 million.
So far, excavation of over 1,250 mining blocks has been permitted on a manageable, small, medium, and large scale, according to the Ministry of Natural Resources and Environmental Conservation.
Due to the limited extraction of natural resources, exports of forest products and minerals had dropped significantly in the previous years. Permits for mining blocks were suspended in 2016, but after two years, Myanmar’s mining sector has now been opened to local and foreign investors, according to the ministry.
Within two years of the implementation of the Myanmar Mines Law, the Mines Department has approved 144 out of 3,000 proposed mining blocks.
At present, evaluation teams in Kachin, Kayah, Shan, and Kayin states and Sagaing, Taninthayi, and Magway regions are screening mining applications, based on the recommendations of the respective departments and the region and state governments.
The Myanmar Mines Law was enacted on 24 December 2015, but the law came into force when the rules were issued on 13 February 2018.
Myanmar’s export sector relies more on the agriculture and manufacturing sectors. While export earnings from the CMP (cut, make, and pack) garment businesses are rising, the country’s reliance on natural resources has been lessening.
Of the seven export groups, exports of agricultural goods, minerals, fishery, and finished industrial goods has shown an increase, while exports of livestock, forest products, and other goods have declined in the current FY. — Ko Htet (Translated by Ei Myat Mon)

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