Myanmar becomes tin provider in global market

Myanmar is emerging as a new tin provider in the world market.
Myanmar is emerging as a new tin provider in the world market.

The country’s output will rise 12 percent to 28,000 tonnes next year, accounting for 10 percent of the global market, according to ITRI industry group in the UK.

The increase is partly attributed to the Pongpipat company’s plan to expand production in Heinda tin mine in Tanintharyi, southern Myanmar.

The Myanmar government has been allowing more overseas investment in the economy of 56 million people, seeking for a further development by focusing on commodities including energy, metals and crops.

The International Monetary Fund (IMF) recently forecast that the country’ gross domestic product growth will average 8.25 percent in the next few years, driven by rising gas output and investment.

Meanwhile, Indonesia, the biggest exporter, tightened regulations on tin trading last year in an attempt to boost exports of high-valued products. It also applied new standards for the packaging, labeling, size and shape of tin exports from November 1 onwards to further tighten controls over shipments.

Tin exports from Indonesia hit 91,613 tonnes last year and are forecast to drop 30 percent this year.-VNA

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