Natural gas export brings $3b in this fiscal year
US$3,100 million has been brought into Myanmar because of natural gas export in this fiscal year. The figure is $361 million more than that of same period last year, assistant secretary of the commerce ministry U Khin Maung Lwin told The Myanmar Times.
That amount derived from the export since April 2017 to March 9 this year. The amount gained in the same period last year was $2738.788 million.
“The income volume increased due to more export tonnage and a moderate hike in oil price,” he said.
State-owned Myanma Oil and Gas Enterprise (MOGE) under the Ministry of Electricity and Energy (MOEE) exports natural gas to Thailand and China annually based on the individual contracts. Natural gas is Myanmar’s top export which brings in the most revenue. The government’s annual budget expenditures still have to mainly rely on the revenue of natural resources and raw materials, including natural gas.
This year’s export has increased, but the export earnings over nine months in 2016-17 was only $1822 million, which was half of the $3086 million export in 2015-16 fiscal year, according to the officials from the commerce ministry. It is due to a drop in oil price in the international market.
According to official website of Myanmar Trade Promotion Organisation, Myanmar exported 498,442 tonnes of gas and earned $2926 million in 2009-10, while it exported 410,370 tonnes and earned $2522 million in 2010-11, and 114,287 tonnes for $3,666 million in 2012-13; $3,299 million in 2013-14; 59,516 tonnes for $3,525.55 million in 2014-15. Natural gas revenue constitutes half of total of the national export revenue.
Those numbers suggest that if natural gas export earning exceeds $3,000 million, it takes up 50pc of export revenues.
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