Public sector mineral exports up $454 mln in current fiscal

LOCAL NEWS

Myanmar’s mineral exports were registered at US$737.36 million between 1 October and 20 December in the 2019-2020 financial year, showing a remarkable increase of $453.96 million compared with the year-ago period, according to data from the Ministry of Commerce.
Last year, public sector mineral exports were worth less than a million dollars.
Both the private and public sector mineral exports witnessed an increase in the current fiscal year, with the private sector mineral exports pegged at $283.36 million. The total mineral export figure rose by $464 million from $273.3 million in the year-ago period.
Of the seven export groups, exports of agriculture, minerals, fishery, and finished industrial goods showed an increase, while the exports of livestock, forest products, and other goods declined.
Export values stood at $805.79 million for agricultural products, $49.65 million for livestock, $232.09 million for fishery products, $737.36 million for minerals, $39 million for forest products, over $2.15 billion for manufactured goods, and $79.6 million for other goods.
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.
Extraction of natural resources has been limited and so, exports of forest products and minerals dropped significantly in the previous year. Permits for mining blocks were suspended in 2016, but after a period of two years, Myanmar’s mining sector is now open to local and foreign investors, according to the Ministry of Natural Resources and Environmental Conservation. – GNLM (Translated by Ei Myat Mon)

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