Trading is of great importance in earning income for increasing the finance of the State and the people. Only when a country has an adequate fund, will it manage various sectors with the allotment of finance to be spent on implementation of the development projects.
With regard to the trading process, a trading volume handled by relevant countries comprises export volume and import volume. Only if the trade surplus increases in the exportation, the country will generate increased income. As such, the developing countries and the least developed countries are focusing on securing the trade surplus in the export and import process.
A total of 273 countries traded with Myanmar in the 2020-2021 financial year. The trade volume between these countries and Myanmar generated US$30,012.100 million, including US$15,334.442 million worth of export goods and US$14,677.658 million worth of import products.
The top ten trade partner countries are China in the first position, Thailand in the second and Singapore in the third position, followed by India, Japan, Indonesia, the United States of America, the Republic of Korea, Vietnam and Germany, according to the press release issued by the Ministry of Commerce on 20 November 2021.
Among these customer countries, Myanmar conducted trade worth US$9807.921 million with China, US$3,287.547 million with Thailand and US$207.401 million with Singapore.
In striving for the promotion of the trade process, the government deploys the commercial attaches at the Myanmar embassies in the Republic of Korea, Switzerland, Australia, South Africa, Belgium, Germany, India, the United States of America, Brazil, Singapore and Thailand. Among them, Myanmar commercial attaches are assigned in Beijing, Nanning, Kunming and Hong Kong of China.
Those commercial attaches are assigned duties to negotiate trade process with partner countries, solve the trade problems and arrange participation of Myanmar government sector as well as the private sector to participate in the international expositions hosted by its trade partner countries.
Thanks to sending back the trade information from the commercial attaches, businesspersons in Myanmar have chances to make preparations for their marketable products not only to export but to import the products.
As such, both government and private sectors of Myanmar need to emphasize the increased trade surplus from the total trade volumes to raise the gross domestic products and per capita income of the motherland for ensuring the economic development of the country.
As such, both government and private sectors of Myanmar need to emphasize the increased trade surplus from the total trade volumes to raise the gross domestic products and per capita income of the motherland for ensuring the economic development of the country.
