Myanmar’s jade earning fell 85 percent in 2 years

Myanmar earned about 85 percent less at US$326 million from jade export in the fiscal year 2012-13 compared to the record of US$2.2 billion it hit in 2010-11, according to the reports from the Ministry of Commerce.

This is the second year jade earning plummeted in Myanmar. In 2010-11, it set a new record at US$2.2 billion. The earning however plunged 65 percent to US$786 million in 2011-12, and again halved to US$326 million in 2012-13.

Jade production fell 2 to 3 times over the years because of the fighting in Kachin State of Northern Myanmar as fights occurred between the military and the armed ethnic forces there during the year, jade exporters said.

Another reason is given as the high tax rates imposed by the Chinese government on its jade importers, resulting in the fall of demand in the major market of Myanmar’s jades.

On the other hand, the illegal jade export along Myanmar-China border has not decreased, sources said.

Myanmar exported over 46 million tones of jade in 2010-11, 43 million tonnes in 2011-12 and 13 million tonnes in 2012-13.

In this fiscal year, Myanmar can expect better earning from jade than that of last year, jade businessmen said, looking at the revenue they made during the international jade expo organized last month in capital Nay Pyi Taw.

 

source: Eleven Myanmar

http://elevenmyanmar.com/business/3703-myanmar-s-jade-earning-fell-85-percent-in-2-years