Chief of Myanmar traders’ federation has urged the government to relax some rules and eliminate bottlenecks in trade system to be able to boost thecountry’s export.
U Zaw Min Win, Chairman of the Union of Myanmar Federation of Chambers of Commerce and Industry made the remark the meeting between Vice President U Myint Swe and traders in Yangon yesteday, urged the government to review the country’s imported products through sector-by-sector approach and to encourage export promotion by erasing some export procedures and customs restrictions.
“Business persons understood situation. But, the government should review the imported goods and should encourage export by relaxing some rules which are causing hindrances to the traders,” said U Zaw Min Win.
According to the statistical report issued by the Ministry of Commerce, Myanmar’s export value as of 10 August reached US$5.982 billion, whereas its imports hit $7.032 billion, resulting in a trade deficit of $1.049 billion.
The current trade deficit decreased by $0.895 million compared with the same period last year, when trade deficit was $1.944 billion.
Dr Than Myint, Union Minister for Commerce, said that public-private partnership is necessary to boost exports of marketable local products. It is expected that trade deficit may also occur in future as the country imports edible oil, fuel, medicine and intermediate goods as essential products. Efforts are to be made for a gradual drop in trade deficit.
He continued to say that there were some ways to resolve trade deficit problem, including development of trade in tourism services and the availability of loans for the effective use in sectors in need. There may be some difficulties in reducing trade deficit, however, and continuous efforts will be made for the interest of the country.
For the time being, private businesspersons are experiencing losses due to greenback appreciation and illegal trade. According to the Ministry of Commerce, the country’s external trade as of 10 August this year was valued at $13.015 billion, up by $1.659 billion compared with the similar period in the last year.
The private sector accounts for 85.47 % of the country’s total trade value. Myanmar exports seven major groups of products—agricultural, animal, fishery and forest products, minerals, manufactured goods and other miscellaneous products.
This year, export of manufactured goods was ranked first among other products, followed by agricultural products and minerals.
By May Thet Hnin