Monday, June 17th 2024

Burmese junta's earns over USD 2.2 billion in 8 months from natural gas

The natural gas holds the second position among top ten foreign exports by the military council, stated the official data from the commerce ministry. Exporting gas, the military rulers of Burma earn over US$ 2.2 billion as revenue in eight months of the current fiscal year, according to the news written in Burmese by BETV Business.


Between 1 April and 1 December 2023, the military regime has exported over 228 million mmBtu of natural gas generating revenue of US$ 2,220.521 million.


The ready-made garments  claim the top spot in ten major exports, which generated US$ 2.9 billion as revenue.


Among various exported items, mungo beans generated  US$ 474 million, followed by rice/broken rice with  US$ 378 million, corn with US$ 271 million, fish with  US$ 220 million, green gram with US$ 185 million, raw rubber with  US$ 123 million, pigeon peas with US$101 million and metals & ores with  US$ 79 million.


Thailand emerges as the largest exporter with g US$ 2.47 billion, while China secures second spot in  exports with  US$ 1.93 billion. Japan has secured the third position with US$ 784 million, followed by India with US$ 572 million, and the United States with US$ 412 million.


Myanmar also exports various items to five other countries namely  Germany (US$ 356 million), Spain (US$ 321 million), Poland ( US$ 316 million), South Korea (US$ 261 million) and Britain (US$ 222 million).


This year's foreign exports include a variety of products like agricultural commodities (mungo bean, rice, broken rice, corn, green gram, rubber, pigeon pea, sesame, peanut, onion, turmeric, tamarind, dried ginger, konjac, castor bean, coffee bean, cashews, cotton, cassava, melons, cucumbers, mangoes, tissue bananas, etc) and aquatic products (fish, shrimp, crab, eel, dried fish, etc).


The industrial sector contributes in exports with wood veneer and plywood, finished wood products, ready-made garments, sugar, and various other finished industrial goods.


Rakhine State is a hub for natural gas production in the country and it has consistently sent natural gas to China through a dedicated pipeline.


Based on information from the general administration of customs China (GACC), the Myanmar junta  generated US$ 993.94 million in the first eight months of  2023 with the export of natural gas from Rakhine to China.


The military council generated US$ 1.43 billion in the last fiscal year (2022-23) through the sale of natural gas from the Rakhine Shwe offshore block (to China).

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