No matter who their target is – the military government or whoever – there will be collateral damage. However, PetroChina, which is a major supplier to its neighbour, may still continue to export to the country. Export products include rice, oil, Burmese teak, rubies, jade, and also 8% of the world's total illegal drugs, mostly opium and methamphetamines. “If Myanmar's GSP status is revoked, it will be a great loss to Myanmar's export sector especially the garment industry. (9) MCM Printing House. Many investments in the garment industry will pull out,” he said. Moving the business to an ASEAN country would make sense since Myanmar is a member of the free trade block especially if the sources of supplies and market for the products … All rights reserved. Read more World’s largest listed winemaker feeling the pressure from China tariffs (6) Myanmar Times Twitter Page © Copyright 2021 The Myanmar Times. As for Win Myint, police documents say the president, his wife and his daughter had taken part in a campaign event in September which drew hundreds of people -- actions that breached coronavirus restrictions. Without such a license, the cargo will not be cleared through the Chinese customs. US President Joe Biden on February 10 approved an order for sanctions on exports and businesses that have ties to Myanmar's military government but industry expert U Maung Maung Lay fears that this would have a trickle down effect that would ultimately hurt the country's trade sector. U Maung Maung Lay expressed fears that the US Generalised System of Preference (GSP) – which provides duty-free treatment for goods of designated beneficiary countries – would be revoked. “With sanctions being considered in the United Kingdom, European Union and elsewhere, countries should join the US in taking swift and concerted action to economically isolate Myanmar's military and its leaders by imposing targeted sanctions,” he said. Today, the country is one of the major natural gas producers in the Asian continent. Cambodia has urged the European Chamber of Commerce in Cambodia (EuroCham) to help boost the export of Cambodian agricultural products to the EU market. (7) Myanmar Times News App On Wednesday, Kyi Toe said the party received "reliable information" that a court in Naypyidaw had remanded Suu Kyi and Win Myint for 14 days. Aung San Suu Kyi has been charged with breaching an import and export law, a party official said. The export of vegetables, rice, and broken rice has increased”, he said, adding that export of other agricultural products like watermelon, chili, peanuts and maize grains are also on the rise. Prior announcement will be made when the businesses can be resumed. Imports in Myanmar averaged 1255.18 USD Million from 2010 until 2020, reaching an all time high of 2053.40 USD Million in January of 2020 and a record low of 334.20 USD Million in October of 2010. Welcome to Made in Myanmar Web Portal (www.madeinmyanmar.asia) which is Myanmar's First Online Web Portal with the collection of Myanmar (Burmese) Manufacturers and Products / Items solely Made in Myanmar. “We welcome President Biden's announcement of targeted sanctions as an important first step towards holding those responsible for the military takeover accountable for their actions and hitting them where it hurts – in the wallet,” said the organisation's Myanmar campaign leader Paul Donowitz. It is still too early to comment on it though,” he said. The Ministry of Commerce has projected Myanmar trade to hit $34.7 billion for the 2020-21 fiscal year, according to earlier reports. Mineral fuels including oil: US$4.4 billion (22.9% of total exports) 4000 PLUS MEMBERS! CAPEXIL has now close to 4000 members (and counting) across India who are exporters of 16 broad product genres! Welcome to CAPEXIL , the 24*7 Trade Promotion Body! They found at least 10 walkie talkies and other communication devices. Since Monday's putsch, party members have had no direct contact with Suu Kyi, though NLD press officer Kyi Toe said Tuesday a neighbour sighted her in her Naypyidaw residence, where she was believed to be held under house arrest. He said targeted sanctions will have the most impact if the international community acts together. US President Joe Biden on February 10 approved an order for sanctions on exports and businesses that have ties to Myanmar's military government but industry expert U Maung Maung Lay fears that this would have a trickle down effect that would ultimately hurt the country's trade sector. The swift power seizure effectively returns a nation at the edge of democracy to direct military rule. Imports in Myanmar decreased to 1408.10 USD Million in August from 1409.40 USD Million in July of 2020. Photo: Stockfile Statistics │ Import and Export │Crab products by country │ 2019-20 CHINA Monday, February 08, 2021, 00:00 (GMT + 9) Source: FIS.com | Click to enlarge it [email protected] During a half century of military rule, Myanmar’s totalitarian tools were crude but effective. (5) Myanmar Times Facebook Pages (Myanmar/English) The coup and the ensuing credit risk may stop discharge of cargoes originally destined for Myanmar, according to the trader. Myanmar's economy depends on agriculture for 56% of GDP, services for 35%, and industry for a minuscule 8%. Myanmar, is a developing country and an important natural gas and petroleum producer in Asia.It is home to one of the world's oldest petroleum industries, with its first crude oil exports dating back to 1853. The US has imposed sanctions on a number of Myanmar's exports that are linked to the Tatmadaw. The charges come days after the military staged a lightning coup, detaining Suu Kyi and Myanmar president Win Myint, and the army chief General Min Aung Hlaing was granted "legislative, judicial and executive powers". He also raised concerns that other countries might follow in the footsteps of the Americans. Agricultural & Processed Food Products Export Development Authority (Ministry of Commerce & Industry, Govt. Myanmar Consolidated Media Co., Ltd. will temporarily suspend 3 months the following businesses starting from 21 February 2021 at 10:00 am. According to him, the performance of high-value-added products such as furniture, joinery and moulding registered an 11 per cent growth with export value of RM12.3 billion compared with RM11.1 billion in 2019. took effect, limiting the export of sensitive materials and technology, including military and nuclear products. … They will not only hurt their target groups but others will suffer as well,” he said. International non-governmental organisation Global Witness released a statement on February 11 welcoming the targeted US sanctions and urged the international community to follow suit. "Dakhinathiri court has given a 14-day remand from February 1 to February 15 against Daw Aung San Suu Kyi under the charge of violating the import/export law," he wrote on his official Facebook page. (8) Myanmar Times TV FAME herbal products are made from the finest organic herbs in Myanmar to support your health and wellness. Recently Myanmar's jade industry has expanded substantially in response to increasing demand for the stone in Chinese markets with jade export revenues rising from $150–300 million USD in the early 2000s to US$1.75 billion during the 2010-2011 fiscal year, which accounts for a fifth of Myanmar's total export … The Export license is required for shipping goods out of China. On Wednesday, the NLD's press officer said the 75-year-old Suu Kyi was formally charged with an offence under Myanmar's import and export … (2) Myanmar Times Daily Edition (English) They will, however, continue to provide aid to Myanmar's populace, he said. Follow our special coverage of Coronavirus pandemic in India and get news updates from around the world. The US has imposed sanctions on a number of Myanmar's exports that are linked to the Tatmadaw. NLD officials and Naypyidaw police officials could not immediately be reached for confirmation. “Selective US sanctions will harm whole of Myanmar's export sector”, Myanmar’s corn exports on the rise but Thai imports more than halved, Mandalay market sees 10 pc drop in prices, Myanmar to prioritise economic recovery, says minister, Internet cut spells trouble for online businesses in Myanmar, Myanmar businesses call for stability in banking sector, IT associations call for amendments to Myanmar cybersecurity bill. (3) Myanmar Times WEEKEND “We do not know what exports will be affected yet but the sanctions will definitely affect the trade sector. A Myanmar court has charged ousted leader Aung San Suu Kyi with breaching an import and export law, a spokesperson from her National League for Democracy (NLD) said Wednesday. ................................ Advertisement ................................ 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This would be terrible. “Trade sanctions will usually cause a country's economy to suffer. These devices were considered evidence to "file a lawsuit to take action against Daw Aung San Suu Kyi who had imported and used these communication devices without permission". An Export license, or Export permit, is a document issued to companies by China’s Ministry of Foreign Trade and Economic Cooperation. While details were vague, Biden said Wednesday that the U.S. would impose “strong export controls” on Burmese products and target for economic punishment the families of … Myanmar is a sovereign state in Southeast Asia and rich with jade and gems, oil, natural gas and other mineral resources. A Myanmar court has charged ousted leader Aung San Suu Kyi with breaching an import and export law, a spokesperson from her National League for Democracy (NLD) said Wednesday. The worst case scenario is if all our trade partners impose sanctions against us. The following export product groups represent the highest dollar value global shipments from Myanmar during 2019. The list of businesses and products involved will be scrutinised this week, said the US president, adding that they have moved to freeze US$1 billion of Myanmar's assets located in the US. The order imposes sanctions against the military leaders and their families' businesses. (1) Myanmar Times Daily (Myanmar) Made in Myanmar Web Portal. He added that Win Myint was also under remand orders by the court, accused of breaching the National Disaster Management law. According to stamped police documents seen by AFP, a military team from the commander-in-chief's office searched Suu Kyi's residence on Monday -- the day of the coup -- at 6:30 am. - Translated. Vice-chairperson of the Union of Myanmar Federation of Chambers of Commerce and Industry U Maung Maung Lay said the sanctions will lead to more stringent control of the country's exports which could harm Myanmar's export sector. Also shown is the percentage share each export category represents in terms of overall exports from Myanmar. (4) Myanmar Times Websites (Myanmar/English) Lloyd’s List Intelligence shows that three product tankers are destined for the Yangon port in the coming days.