Total export values for Myanmar in the third week of December 2023 exceeded US$ 266 million. Foreign demand for agricultural produce from Myanmar has been on an upward trend, given the current new year period. Agricultural produce such as green gram, black gram, pigeon peas, and other beans and pulses, sesame, peanuts, watermelon, cucumber, fruits, raw rubber, and onions, as well as industrial finished products like CMP textiles, have all experienced increased exports.
During this week, a total of 24,779 tonnes of beans and pulses were shipped, earning more than $21 million. Shipments to Pakistan, Thailand, the United Arab Emirates, Vietnam, Canada, the United States, and Japan increased compared to previous weeks.
Demand for sesame has also surged during the new year period. Sesame shipments to China this week exceeded those of previous weeks. Additionally, sesame demand from Japan, Thailand, Singapore, and Chinese Taipei remained high. Black sesame prices ranged between $ 1,380-$ 1,815 per tonne in the export market, and domestic prices trended upwards in wholesale markets across states and regions, ranging between K295,000 and K340,000 per 45-viss bag of black sesame.
The garment industry plays a crucial role in Myanmar’s economic growth. In the past week, Myanmar earned over $ 82 million from garment exports manufactured under the cut-make-pack (CMP) system, exported to 53 countries. Major orders came from Japan, Poland, South Korea, Britain, and the United States.
The State prioritizes the development of the CMP system to boost the export sector. Apart from garments, the CMP system is used for manufacturing other products in Myanmar, such as electronic products, shoes, bags, wigs, magnifying glasses, and cameras.
Efforts are underway by the Myanmar Garment Manufacturers Association and relevant bodies to transition from the CMP system, involving the entire manufacturing process from receiving raw materials to producing finished products at the factory.
This move aims to develop the domestic industrial sector, ensuring greater profitability for business owners and strengthening the country’s economy. As part of the State’s efforts to boost the country’s economy across various sectors, the following are prioritized: increasing productivity and the export of rice, beans and pulses, corn, oil crops, rubber, and fruits; raising foreign income from exporting CMP garments; and expanding manufacturing businesses using the CMP system. — MNA/TMT
