Mineral exports up $532 mln in current fiscal
Myanmar’s mineral exports were registered at US$832.42 million between 1 October and 10 January in the 2019-2020 financial year, showing a remarkable increase of $532.027 million compared to the year-ago period. Last year, mineral exports were pegged at just $300.39 million.
Both private and public sector mineral exports witnessed an increase in the current FY, with the private sector exports valued at $378.39 million and public sector exports estimated at $454 million. 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 $998.7 million for agricultural products, $48.32 million for livestock, $288.2 million for fishery products, $48.4 million for forest products, over $2.75 billion for manufactured goods, and $93.97 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. Due to limited extraction of natural resources, 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 has now been opened to local and foreign investors.
Source: Global New Light of Myanmar
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