Industrial Material Imports Down

Industrial raw materials import for this fiscal year are about $650 million less than the same period last year, according to Ministry of Commerce figures.

Industrial raw material imports decreased in both government and private sectors, the data show.

As of last month, industrial raw materials imports for this fiscal year have decreased by $164 million in the government sector and by $428 million in the private sector, the Ministry of Commerce said.

“The imports may increase at the end of fiscal year. We have to wait till the end of this fiscal year,” said U Thein Myint, deputy director from the Ministry of Commerce.

This fiscal year, industrial raw material imports were worth about $2.85 billion, but the amount during the same period of last fiscal year was worth $3.5 billion, spurred by a manufacturing and industrial boom in the country.

Industrialists said the industrial raw material imports decreased due to the unusually heavy rainy season, which brought in devastating floods, and some factories from in many states and regions are still reeling from the flood damages.

“Import licensing procedures are easier than before. Imports usually increase in summer and winter when the weather is good,” said U Myat Thin Aung, chairman of Hlaingtharyar Indistrial Zone.

Although industrial raw materials imports have decreased, capital goods imports have risen by more than $340 million and commodities imports have risen by $52 million, according to the Ministry of Commerce figures.

Source: Myanmar Business Today

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