Border trade using ITC hits K1.9 bln this FY

Vehicles seen at Myawaddy border trade zone. Photo Supplied
Vehicles seen at Myawaddy border trade zone. Photo: File Photo

Myanmar’s total border trade using Individual Trading Cards (ITC) hit K1.9 billion this financial year 2020-2021, according to the figures released by the Ministry of Commerce.
From 1st to 31 October this FY, the ministry issued three individual trading cards, and the export using ICT cards through border crossings earned the exporters over K613 million while the import exceeded K1.3 billion.
During this period, Myawady land border recorded the highest ITC’s trade with K1.2 billion, followed by Mawtaung border trade zone with K603 million, according to the official figures of the Ministry of Commerce.
Individual trades topped K737 million in the period from 21 November 2012 to 31 March 2013; exceeded K6.6 billion in the 2013-2014FY; reached K9.37 billion in the 2014-2015FY; stood at over K 6.4 billion in the 2015-2016FY; rose above K18.5 billion in the 2016-2017FY; touched K45.9 billion in the 2017-2018FY; K22.5 billion during the 2018 mini-budget period (April-September); K59 billion in the 2018-2019FY and K43 billion in the 2019-2020FY.
The trade department has issued 1,778 cards, registering its trade value of over K214 billion so far since the 2012-2013FY intending to boost trade.
Myanmar mainly exports agricultural products, animal products, marine products, minerals, forest products, manufactured goods and others to foreign trade partner countries. In contrast, capital goods, intermediate goods and consumer goods are imported into the country.
People in business can trade goods worth K3 million per day using ITCs, and the Trade Department has permitted the trade of up to K15 million per day over five days.—Zwe (Translated by Hay Mar)

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