Mawlamyine, June (2)
More than a year after the military coup, the cost of production in Mon State has soared and the manufacturing sector is likely to face its worst, the manufacturers told Than Lwin Times.
During the military coup, the manufacturing industry was affected hard by rising commodity and input prices, power shortages, and rising fuel prices, and it struggled to go forward.
Manufacturers are now spending nearly 30% more on production costs than ever before on a product.
“If the electricity supply is normal, the business can run smoothly. Now the fuel price is almost 2,500 kyats per liter, which costs about 45,000 / 50,000 kyats per day for a generator. The cost is about 30% more, ” one businessman said.
Manufacturers, on the other hand, are facing higher production costs and fewer customers. Operations were cut by more than half, and some operations were shut down.
Due to rising production costs, one businessman claimed that most businesses were losing money and struggling to pay employees’ salaries.
Agriculture, fishing, mining, the garment and consumer goods industries have all been severely impacted by the military coup.
Manufacturers believe that if input prices do not reduce, the manufacturing sector will collapse.
More than a year after the military coup, Mon State’s economy has shrunk by at least 40 percent.
News – Than Lwin Times
Thanlwintimes