Due to sanctions from the United States and European nations in response to the military coup early 2021, the export value of Myanmar Teak and timber has declined. In face of Wests sanctions, Myanmar exports their Teak to Asian countries.
Teak log piled up in Myanmar/img: AFP
According to the Forest Department the total value of teak exports from Myanmar within the first six months of fiscal year 2023-24 is US$14 million, with India, Singapore, Malaysia and Thailand were among the buyers. Totally there are 52 countries bought timber from Myanmar with total volume more than 4,800 tonnes.
“Europe and the US have stopped buying timber from Myanmar. Only Asian countries continue to buy from Myanmar,” said a timber exporter.
Previously, Western countries were the main buyer of timber from Myanmar, purchasing more than 60 percent of timber exports from Myanmar.
According to the Commerce Ministry, Myanmar earned US$154 million from timber exports in fiscal year 2019-20.
Since the coup, the timber trade volume has declined from US$128 million (2020-21 fiscal year) to US$83 million (2021-22), and raise again to US$139 million in 2022-23, according to the Commerce Ministry.
Myanmar timber has historically has high demands because of its quality and the beauty of the wood. Teak wood is commonly used to build fine furniture, decking of luxury yachts, and other products that require durability. There are about 51 timber companies in Myanmar who do timber exports.
Source: dmediag
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Teak log piled up in Myanmar/img: AFP
According to the Forest Department the total value of teak exports from Myanmar within the first six months of fiscal year 2023-24 is US$14 million, with India, Singapore, Malaysia and Thailand were among the buyers. Totally there are 52 countries bought timber from Myanmar with total volume more than 4,800 tonnes.
“Europe and the US have stopped buying timber from Myanmar. Only Asian countries continue to buy from Myanmar,” said a timber exporter.
Previously, Western countries were the main buyer of timber from Myanmar, purchasing more than 60 percent of timber exports from Myanmar.
According to the Commerce Ministry, Myanmar earned US$154 million from timber exports in fiscal year 2019-20.
Since the coup, the timber trade volume has declined from US$128 million (2020-21 fiscal year) to US$83 million (2021-22), and raise again to US$139 million in 2022-23, according to the Commerce Ministry.
Myanmar timber has historically has high demands because of its quality and the beauty of the wood. Teak wood is commonly used to build fine furniture, decking of luxury yachts, and other products that require durability. There are about 51 timber companies in Myanmar who do timber exports.
Source: dmediag
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