Due to rising commodity prices and tariffs, traders on the Sittwe-Rakhine border trade and the Maungdaw border trade are losing money when it comes to exporting commodities.
“As commodity prices rise, taxes rise as well,” he explained. Maungdaw has roughly five enterprises that export items to Bengal. Only three companies can now operate. “They have ceased working because of the increased losses,” stated a trader from the Maungdaw border to Bengal.
On the Burmese side, the government levies a 2% tax on the value of Bangladesh exports.
They now have to pay more and pay less due to rising commodities prices and exports.
“It is not possible to sell on the Bengali side,” a Sittwe vendor stated. The government has placed restrictions on it. Commodity prices in Myanmar are steadily increasing. The expense of transportation has increased. Taxes will not be decreased by more than 2%. The government should, in fact, lower taxes.
Freshwater fish, dried red snapper from the region, five pairs of children, onion, coconut, and wet ginger dried plums are the main exports from Myanmar to Bangladesh. This is India. Broom Mango It contains zeolite and regionally made consumer items, according to border trade statistics.
According to the Rakhine State Chamber of Commerce and Industry, Rakhine border commerce shipped $ 2.863 million to Bangladesh in April, with US $ 0.99 million from the Sittwe Shwe Mingan border trade point and US $ 1.86 million from the Maungdaw border trade point (Kin Chaung trade zone port).
In April, more than 250,000 tonnes of Burmese rice and broken rice will be available for export
According to a monthly report from the Myanmar Rice Federation, exports of Burmese rice and broken rice remained strong due to external demand, with more than 250,000 tonnes of rice and broken rice exported in April.
35 enterprises shipped more than 144,000 tons of rice, more than 106,000 tons of broken rice, and more than 250,000 tons of broken rice and bran.
Belgian Cameroon, Spanish Netherlands Mgola By sea, the Philippines and Poland were the top destinations, up from April the previous month.
It was 133,972 tonnes in March, according to the Myanmar Rice Federation’s export list. Only 214,335 tonnes were exported in February.
There are new countries joining the list of traditional buyers of Burmese rice. Exports to some new markets may rise, while local manufacturing costs will fall. Another issue is rising delivery prices.
Rising oil and fertilizer prices as a result of the Russia-Ukraine conflict, according to experts, might affect worldwide agricultural productivity, including in Myanmar.
Burmese farmers are currently suffering increased oil prices. Fertilizers Pesticides and other agricultural inputs have seen steep price increases.
Some farmers have lowered their output, while others have reduced their fertilizer consumption. As a result, agricultural yields in the United States have decreased.
Myanmar, a significant rice exporter, expects to export 2 million tonnes of rice in the current fiscal year 2022-2023 due to rising demand.
More than 1.4 million tons of rice were shipped in the last mini-budget of 2021-2022.
Myanmar is currently in its dry season, although yields are expected to fall. Agriculture is becoming increasingly expensive. The rice mills are powered by diesel due to a lack of reliable energy. The cost of paddy is increasing.