External trade tops $149.67 bln in incumbent government period

Myanmar’s external trade over the past four years under the incumbent government period touched a high of US$149.67 billion, comprising exports worth $68.53 billion and imports valued $811 billion, according to the statistics released by the Ministry of Commerce.
Between Financial Year 2016-2017 and FY2019-2020 (as of 21 August), the maritime trade outperformed the border trade. Myanmar’s regular trade was estimated at $109 billion, while its border trade with the neighbouring countries — China, Thailand, Bangladesh, India and Laos stood at $40.6 billion. Myanmar’s foreign trade has shown a 10-per cent increase, year over year, under the incumbent government.
The values of foreign trade were registered at $29 billion in the FY2016-2017, $33.57 billion in the FY2017-2018, $18.7 billion in the 2018 mini-budget period, $35 billion in the FY2018-2019 and $33 bln in the FY2019-2020 (as of 21 August), the ministry’s data showed.
Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods. 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.
The country’s export sector relies more on the agricultural and manufacturing sectors. The Ministry of Commerce is endeavouring to boost export under the World Trade Organization’s rules, enhance value-added production and competitiveness, reduce export barriers and provide trade financing services. The government is trying to reduce the trade deficit by screening luxury import items and boosting exports. The country mainly imports essential goods, construction materials, capital goods, hygienic material and supporting products for export promotion and the import substitution.
The Ministry of Commerce has adhered to its policy reform depending on the requirements of the State and people. Moreover, a series of trade liberalization and openness for policy development have been introduced for enhancing a more viable trade environment. The private sector plays a prominent role in Myanmar’s market-oriented economic system. The ministry is highlighting free and fair trade, ensuring product safety and quality goods and services.—GNLM (Translated by Ei Myat Mon)

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