Exports from US plunged 60% after coup, data shows
7:00 p.m. Unsurprisingly, Myanmar's international trade started shrinking in the month of February, preliminary trade data obtained by Nikkei Asia shows.
Total exports to Myanmar from eight trading partners -- including the U.S., Canada and New Zealand -- fell 38% on the year in February, while their imports from Myanmar dipped 9%, according to trade statistics reported to the United Nations. These eight nations usually make up roughly one-tenth of Myanmar's total trade.
Of the eight partners, the U.S. retreated the farthest. Its exports to Myanmar contracted 60% and its imports from there shrank 12%, owing to Washington's relatively quick imposition of sanctions. With other countries following suit and the U.S. introducing additional sanctions in later weeks, trade figures for March and April are expected to show sharper contractions, reflecting further damage to the military-run economy.
6:00 p.m. App-based food delivery service provider Foodpanda remains committed to Myanmar despite the ongoing political unrest that has disrupted internet services in the country, the company's chief executive tells Nikkei Asia. Read more.
Tuesday, May 18
