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Falling farm prices currency hit Thai Myanmar trade

Falling farm prices currency hit Thai Myanmar trade

BANGKOK: Trade value across the border with Myanmar border in Mae Sot district dropped more than 10% last year on falling prices in the agricultural sector and a drop in the value of the kyat. Suchart Triratwattana, the chief adviser of the Tak Chamber of Commerce, said on Wednesday border trade between the district and Myanmar’s Myawaddy township dropped from 90 b

illion baht in 2016 to 70 billion baht in 2017.  “Prices for crops in Myanmar fell sharply in the past year, and their economy relies on agriculture. Coupled with a currency that is losing purchasing power, the Myanmar people’s spending. power has certainly weakened,” said Mr Suchart, who exports farm machinery.

Mae Sot customs chief Wallop Wutipanich said Myanmar’s weakened purchasing power hit Thai exports. Of the top 25 products exported to Myanmar, luxury goods suffered the biggest decline in sales. We have seen that exports of whiskey, foreign alcoholic beverages, mobile phones, cotton clothes, and farm equipment dropped a lot during the past year. Myanmar’s economic outlook is not at its best at… is not at its best at this time,” Mr Wallop said.  Exports still doing well are fuel, motorcycles and food-related products.