Agriculture exports fell compared to the same time last year, and fuel prices increased once more

Posted on

Over a period of three months, from April 1 to July 15 of the fiscal year 2021–2022, more than 1.205 billion US dollars were made through the export of agricultural products overseas, a decline of more than 11.193 million US dollars from the same time last year.

According to trade data issued by the Military Council’s Ministry of Economy and Commerce, exports of agricultural goods reached US$1.216 billion during the most recent fiscal year 2020–2021.

An important part of Myanmar’s economy is the export of agricultural goods. We were able to export more agricultural goods during the most recent fiscal year, 2019–2020 COVID–19.

I was able to establish connections and discover new markets.

More than 3.725 billion US dollars worth of agricultural products were exported abroad in the most recent fiscal year 2019–2020. Additionally, the fiscal year 2020–2021 exceeded US$4.624 billion.

Despite the limits put in place by every nation to combat the Covid-19 illness, Myanmar’s agricultural exports have increased for two years running, but they started to decline in the most recent 2021–2022 mini-budget.

Only more than 2.407 billion US dollars were exported in the 2021–2022 mini-budget, which is more than 520 million dollars fewer than what was exported during the same time period of the 2020–2021 fiscal year.

The export capacity has fallen below the same period last year for the second time in more than three months of the current fiscal year.

In the agricultural sector of Myanmar, the main exports are rice, broken rice, beans, and sesame, along with fruits, vegetables, sugar, rubber, coffee, and onions.

Agriculture in Myanmar is regulated by input costs, According to a recent World Bank assessment, the nation is plagued by persistent wars and transportation problems.

Additionally, the recently announced policy changes are economic, The World Bank research noted that obstacles brought on by trade difficulties have raised corporate uncertainty.

This week, fuel costs are rising once more 

Yesterday, the price of 92 Ron per liter at the Yangon market was less than 1,700 kyats, but now the price per liter is above 1,800 kyats.

The fuel reference price for the Yangon region is 92 Ron 1,810 kyats per liter, according to the fuel oil import, storage, and distribution supervisory committee’s announcement today. 1860 kyat per liter for 95 Ron 2080 kyats for a liter of diesel and 2135 kyats for a liter of premium diesel.

Depending on the type of fuel, prices have increased by an average of 100 kyat per liter in the past day.

The military council established the work oversight committee, region/state, in order to stabilize the price of motor oil. Townships set and publish the reference pricing every day, and the committee was established in late April.

The cost of 92 Ron per liter of domestic motor fuel increased to above 2,300 Kyats in the second week of June before progressively declining once more. It dropped back to about 1,700 per liter before rising back to over 1,800 today.

The value of the Myanmar kyat has decreased, and the cost of fuel, which must be purchased and imported with foreign money, has also skyrocketed.

In addition to such high prices, stores frequently experienced gasoline shortages and procurement issues.

Gasoline was just about 700 kyats per liter in Myanmar prior to the military taking over.

The population with low incomes is negatively impacted by the secondary consequence of increased gasoline prices, which is an increase in transportation costs and general commodity prices.

Leave a Reply

Your email address will not be published. Required fields are marked *