External trade exceeds $35 bln as of 18 September

LOCAL NEWS

Myanmar external trade between 1 October and 18 September in the 2019-2020 financial year touched a high of US$35.6 billion, an increase of $1.96 billion compared with the corresponding period of the 2018-2019FY, according to the Ministry of Commerce. During the same period in the previous FY, trade stood at $33.7 billion, according to the data released by the ministry. Myanmar’s foreign trade has shown a 10-per-cent increase, year over year, under the incumbent government. Myanmar has already reached total trade value target of $34 billion for the current FY, said an official from the ministry.
The Ministry of Commerce is endeavouring to boost export, enhance value-added production, reduce export barriers and provide trade financing services. In the current budget year, both maritime and border trade recorded an increase compared with the year-ago period, with exports estimated at over $17.08 billion and imports valued at $18.5 billion. Myanmar’s top export countries are China, Thailand, Japan, Singapore, the US, India, Germany, the Republic of Korea, Spain and the UK. In contrast, it primarily imports from China, Singapore, Thailand, Malaysia, Indonesia, India, Viet Nam, Japan, the Republic of Korea and the US, as per data of the Ministry of Commerce.
Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods. The country’s export sector relies more on the agricultural and manufacturing sectors. Export earnings from CMP (cutting, making, and packaging) garment businesses are increasing, while reliance on natural resources is decreasing. The government is trying to reduce the trade deficit by screening luxury import items and boosting exports.
The Ministry of Commerce is endeavouring to boost export, enhance value-added production, reduce export barriers and provide trade financing services. Under the National Planning Law for 2020-2021 financial year, Myanmar intends to reach the export target at US$16 billion and import at $18 billion.—Ko Htet (Translated by Ei Myat Mon)

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