Sugar re-export earns revenue, creates job opportunities

After lifting a temporary ban on sugar re-exports from 1 June, Muse merchants are resuming sugar re-export, earning revenue and creating job opportunities, according to the Agriculture and Market Information Agency.

A ton of imported sugar is worth US$480, while Myanmar merchants re-export it for $600. The re-exported sugar is not intended to be consumed in the domestic market, as it can harm domestic sugar producers. The import list needs to tally with the volume of re-export, and authorised companies need to strictly adhere to the prescribed rules and regulations, as they will be inspected over whether they abide by the set rules. If the companies are found selling sugar imported under the re-export system in the domestic market, they will have to face legal action.

The commerce ministry allowed Myanmar merchants to re-export sugar in the 2015-2016 fiscal year with an aim to attain hard currency, enhance trade and create job opportunities.

Myanmar’s merchants import sugar mostly from Thailand and India, and also from Brazil, Qatar and UAE, and then it is re-exported to China through the Sino-Myanmar checkpoint, as Myanmar sugar millers are unable to produce quality sugar that meets the export criteria for the lack of advanced refining machinery.

Over 700,000 tons of sugar were exported in the 2015-2016 FY, valued at $394 million. During the 2016-2017 FY, 2 million tons of sugar worth $1.12 billion were exported. Starting from 22 September 2017, sugar re-export was suspended.

Source : Global New Light of Myanmar

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