Myanmar’s mineral exports showed a marked climb this fiscal, touching US$907 million between 1 October and 31 January, an increase of $579 million compared with the year-ago period, according to data from the Ministry of Commerce.
Last year, mineral exports were pegged at just $328 million.
Both private and public sector mineral exports witnessed an increase in the current fiscal, with private sector exports valued at $452.458 million and public sector exports estimated at $454.87 million.
Of the seven export groups, exports of agricultural goods, minerals, fishery, and finished industrial goods showed an increase, while the exports of livestock, forest products, and other goods declined.
Export values stood at $1.2 billion for agricultural products, $50.37 million for livestock, $343.65 million for fishery products, $58.59 million for forest products, over $3.4 billion for manufactured goods, and $114.6 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 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, according to the Ministry of Natural Resources and Environmental Conservation. —GNLM
(Translated by Ei Myat Mon)