Border trade value with ITC hits K 23 bln

LOCAL NEWS

Myanmar’s total border trade using Individual Trading Cards (ITC) exceeded K23 billion from 1st October to 29 February in the 2019-2020 fiscal year (FY), according to figures released by the Ministry of Commerce.
The export value using the ITC was over K2 billion, whereas imports with the ITC reached over K 20.9 billion, according to the Ministry of Commerce.
The trade value with the ITC amounted to K 23.02 billion, as of 29 February in the current fiscal year, as the Myawady and Maw Taung border trade camps saw the largest trade value using the ITC.
The ministry has issued a total of 1,730 ITCs, registering its trade value of over K 192 billion since FY 2012-2013. The ministry issued 292 ITCs in 2012-2013, 261 in 2013-2014, 315 in 2014- 2015, 146 in 2015-2016, 248 in 2016-2017, 168 in 2017-2018, 92 in the mini-budget period of 2018 (April-September, 2018), and 163 in the 2018-2019 fiscal year, according to the ministry’s figures.
Myanmar mainly exports agricultural products, animal products, marine products, minerals, forest products, manufacturing goods and others to foreign trade partner countries, while capital goods, intermediate goods and consumer goods are imported into the country.
The country conducts border trade with neighbouring China at Muse, Lweje, Kampaiti, Chinashwehaw and Kengtung gates, with Thailand via Tachilek, Myawady, Kawthoung, Myeik, Hteekhee, Mawtuang and Maese checkpoints, with Bangladesh at the Sittwe and Maungtaw checkpoints, and with India through Tamu and Reed border checkpoints.
The Ministry began issuing ITCs in 2012. Traders can sell up to K 15 million per week using ITCs, which must be extended every year. The Trade Department issues ITCs to boost border trade.—Zwe (Translated by Hay Mar)

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