ITC border trade hits K40 bln in 11 months

Myanmar’s total border trade using Individual Trading Cards (ITC) stood at K40 billion in 11 months of present financial year (FY) 2019-2020 which started in October, according to the figures released by the Ministry of Commerce. From October to August this FY, the ministry issued 83 ITCs and export using those cards through border earned over K2.79 billion while its imports exceeded K37.9 billion.
Out of border trade camps, Myawady border trade zone is reported to have the biggest volume of trade with a value of K26.6 billion and followed by Mawtaung border trade zone with K6.67 billion, according to the official figures of the Ministry of Commerce.
Myanmar mainly exports agricultural products, animal products, marine products, minerals, forest products, manufacturing goods and others to foreign trade partner countries, while capital goods, intermediate goods and consumer goods are imported into the country.
The department issues ITCs in border trade camps for traders to encourage them to trade legally. The Trade Department issued a total of 1,734 cards so far, including 292 cards from 21st Nov 2012 to 31st March 2013, 261 cards in 2013-2014FY, 317 cards in 2014-2015FY, 146 cards in 2015-2016FY and 248 cards in 2016-2017FY, 168 cards in 2017-2018FY, 92 cards from 1st April 2018 to 30 Sep 2018 interim period, 163 cards in 2018-2019FY and 83 cards from 1 October 2019 to 31 August 2020, according to figures released by the ministry. A businessman can trade K3 million a day with an ITC, and the trade department granted trade value up to K15 million a day, which amounted to a five-day trade value. —Zwe (Translated by Hay Mar)

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