Myanmar manufacturing PMI indicates unchanged condition in operation in June
June survey data signalled no change in operating conditions on the previous month across Myanmar’s manufacturing sector. Sian Jones, Economist at IHS Markit who compiled the survey, said that this month’s data signalled an end to the recent eight month period of expansion across Myanmar’s manufacturing sector. Operating conditions were unchanged from May, with output growth slowing. Moreover, new orders contracted for the first time since August 2017. Meanwhile, input prices rose sharply driven by high demand for inputs from China and exchange rate movements. Panellists also stated that adverse weather conditions delayed supplier deliveries further.
Key Points:
- PMI dips to 50.0 in June
- Output growth eases to weakest since April 2016
- New orders contract for first time since August 2017
Source – IHS Markit
MIC granted permission for 3 foreign investors to engage in automobile sector within this year. The list includes 2 fully foreign investment companies, namely; Daehan Motors Company Limited (Hyundai), Precision Auto Engineering Company Ltd and 1 Joint venture Company called Gold AYA Motors International Group Company Limited. Shwe Daehan company will manufacture both motorcycles and motorcars under the brand name of Hyundai. Precision Auto Engineering Co Ltd was permitted to set up an automobile assembling and manufacturing plant in Kayin State. The plant will produce two-wheeler, three-wheeler and a four-wheeler eco-car production. China – based Gold AYA Mortar International Group Company started its construction work in Mandalay Myotha Industrial park and expected to commence operation within 7 months. The company will manufacture 7 different types of cars like SUV, MPV, Trucks, Hybrids and has a plan to introduce 10 new Models.