Revenue from exports in the fiscal year 2015-16 have dipped as most of the major export sectors of marine and forest products, except worse than the market.
As of 5 February 2015-16 years, only marine and forest products sectors saw increases in exports, but other sectors of the indicators have been disappointing. This led to a $ 1.22 billion fall in export performance compared to the same period in 2014-15, according to the Ministry of Commerce.
The main products of Myanmar exports are agricultural products, animal products, marine products, mineral products, wood products and finished industrial products.
In the finished industrial products sector, natural gas and clothing make up a large part of the income. In 2015-16, due to falling gas prices, export earnings were lower than last year, despite the same amount of gas exported, U Win Myint, director at the Ministry, said.
In addition, due to the growth of wages and business owners dropping clothing production saw a drop in exports, he added.
“Natural gas and clothing included in the finished industrial products sector. We have exported the same amount of natural gas last year but due to a drop in export revenue prices are lower than in the last year fiscal. Commercial finished garment products declined due to labor problems, “said U Win Myint.
Export of agricultural products, especially rice, fell due to floods across the country in July and August last year. Rice export has been suspended for a month, and when it was left again in September, allowed only a limited number of export. It was only after October 15 that he was allowed an unlimited amount of rice export, according to Myanmar Rice Federation.
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“When there was a flood of rice exports have been blocked. Restrictions were eased after October 15, but the amount has not risen,” U Nay Zin Lin, Secretary of the Federation said.
During this fiscal year, the marine export price was higher than in previous years due to pre-determined pricing, Daw Toe Nanda Tin, Myanmar, the Secretary of Myanmar Marine Product Producers and Exporters Association said.
“We have yet to find the final volume of exports, but this year the Fisheries Department set the minimum rate and gave us the best price,” he said.
In 2015-16 until February 5, $ 2.09 billion was obtained from the export of agricultural products, $ 6.83 million from animal products, $ 382.77 million from marine products and $ 4.8 million from industrial products, according to the Ministry of Commerce.
According to data from the Ministry, $ 912.91 million was obtained from the export of mineral products, $ 171.74 million of forest products and $ 537.11 million from other export sectors. In 2014-15, $ 10.12 billion has been received from exports.