Individual merchants’ border trade hit K 9.53 bln in Oct. and Nov.

LOCAL NEWS

Myanmar’s trade using Individual Trading Cards (ITCs) through border gates reached over K 9.531 billion during a two month period in fiscal year 2019-2020, according to figures from the Ministry of Commerce.
From 1 October to 30 November this FY, border exports using ITCs earned K 918 million, while imports accounted for K 8.6 billion.
During the period, the Myawady border gate saw the largest trade value, amounting to K 5.67 billion using ITCs at checkpoints through which Myanmar conducts its border trade.
xxAt present, the country is conducting border trade with China through Muse, Lweje, Kanpikete, Chinshwehaw and Kengtung gates, with Thailand via Tachilek, Myawady, Kawthaung, Myeik, Hteekhee, Mawtaung and Maese gates, with Bangladesh via Sittwe and Maungtaw, and with India through Tamu and Reed border gates.
Myanmar’s agricultural products, animal products, fisheries, minerals and forest products are mainly exported, while capital goods, intermediate goods and consumer goods are imported.
A total of 1,704 ITCs have been issued by the trade departments and trade camps, with a total 292 ITCs in 2012-2013, 261 in 2013-2014, 317 in 2014- 2015, 146 in 2015-2016 and 248 cards in 2016-2017 FY; 168 cards in 2017-2018 FY; 91 cards during the 1 April 2018 to 30 Sep 2018 interim period, 163 cards in 2019-2020 FY from 1 Oct 2018 to 30 September 2019 and 17 cards from 1 October to 30 November, 2019, according to the Ministry of Commerce.
The Ministry began issuing ITCs in 2012. Traders can trade up to K 15 million per week using ITCs, which must be extended every year. The Trade Department issues ITCs to boost border trade.
The Ministry of Commerce has also announced that ITC numbers and export import entrepreneurs ID numbers will be changed to nine digits, instead of the current five digits, beginning 5 January, 2020.—Zwe  (Translated by Hay Mar)

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