Business roundup for the week ending January 5

Food price inflation reaches highest level since 2008 Myanmar’s food price inflation reached the highest point in 15 years, according to the World Bank’s latest Real Time Food Prices (RTFP) dataset. RTFP is a weekly report conducted by the World Bank Development Economics Data Group. A graph shows food price inflation in Myanmar from 2008 to 2023 (World Bank) The dataset shows a consistent and sharp rise in the price of food since the Covid-19 pandemic. Notably, the index reached its highest level in July 2023, signifying a peak in food prices in Myanmar. This sustained upward trajectory indicates persistent upward pressure on food prices, posing challenges for consumers. Japan recruits nearly 1,200 Myanmar workers On December 29, the Myanmar embassy in Tokyo announced that a total of 1,171 Myanmar nationals had been recruited to work in Japan in the final month of 2023. In a post on Facebook, the embassy said it had authenticated 295 job demand letters from Japan-based entities. Towards the end of each month, the embassy verifies approximately 300 demand letters, facilitating the overseas employment of more than 1,000 workers. Myanmar’s trade volume drops by nearly $3 billion The value of Myanmar’s external trade fell by more than $2.72 billion last year compared with the previous year, according to the latest data released by the regime’s Ministry of Commerce. The ministry recorded a total of $22.7 billion in international trade as of the end of last year, down from $25.45 billion at the end of 2022. Exports accounted for $10.7 billion of last year’s total, while imports were worth more than $12 billion. While steep export decreases were reported in both overseas and border trade, cross-border imports actually rose by $433 million, the official figures show. Trucks wait at the 105-Mile Trade Zone in the northern Shan State border town of Muse in 2022 (Myanmar Now) It was unclear from the information provided, however, how much border trade with Myanmar’s biggest trading partner, China, has been affected by severe disruptions caused by major clashes in northern Shan State in the final two months of 2023. Online businesses told to register to continue operations Operators of e-commerce businesses in Myanmar must register as essential services under the Essential Supplies and Services Law by January 21, according to updated rules announced by the junta’s Ministry of Commerce. Registration and renewal fees will depend on the size and type of the business, and registration will remain valid for a period of two years from the date of approval, the ministry said in its statement. Failure to registered before the deadline could result in a penalty of imprisonment ranging from six months to three years and a fine of up to 500,000 kyat (around $238), it added. Australia to give Bangladesh $235 million in aid for Rohingya repatriation Bangladesh’s national news agency BSS has reported that Australia will allocate $235 million in aid to assist with the “dignified return” of Rohingya refugees to Myanmar. The announcement was made by outgoing Australian High Commissioner Jeremy Buer during his farewell call with Prime Minister Sheikh Hasina on December 24. During the meeting, the Australian envoy reaffirmed his country’s support for Bangladesh’s ongoing mission to repatriate more than one million refugees. A Rohingya family arrives for a meeting with Myanmar regime officials in Teknaf, Bangladesh on March 15, 2023 (AFP via Getty Images) The Australian government provided $145 million in humanitarian aid to Myanmar and Bangladesh in 2022-23, according to its Department of Foreign Affairs and Trade, which also reports that the country has given a total of $625 million in aid “to people across Myanmar, and to Rohingya refugees and host communities in Bangladesh” since 2017.

Business roundup for the week ending January 5

Myanmar Now provides a brief summary of the past week’s key economic developments in Myanmar

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