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July 02, 2020

Public sector mineral exports up $361 mln in current fiscal

Myanmar’s mineral exports were registered at US$574.24 million between 1 October and 22 November in the current fiscal year, with public sector exports showing a remarkable increase of $361.5 million against the previous fiscal, according to data from the Ministry of Commerce.
Both private and public sector mineral exports witnessed an increase in the current fiscal year. The private sector exported minerals worth $212.6 million in the 2019-2020 financial year. In the 2018-2019FY, mineral exports by the public sector were worth less than a million dollars.
The total mineral export figure increased by $397.5 million from $176.6 million in the year-ago period.
Of the seven export groups, agriculture, minerals, fishery, and finished industrial goods showed an increase, while shipments of livestock, forest products, and other exports declined.
The country’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 such as natural gas and jade has been lessening.
Exports of forest products and minerals dropped significantly in the previous fiscal as extraction of natural resources was limited. Permits for mining blocks had been suspended in 2016, but after two years, Myanmar’ s mining sector has now been opened to local and foreign investors, according to the Ministry of Natural Resources and Environmental Conservation.
Export values stood at $473.89 million for agricultural products, $36.8 million for livestock, $150.65 million for fishery products, $574.24 million for minerals, $22.3 million for forest products, over $1.25 billion for manufactured goods, and $67.6 million for other goods.—GNLM (Translated by Ei Myat Mon)


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