Maritime trade reaches almost $10 billion in current FY

DSC 0568 Cargo vessels carrying containers in the Yangon River. Photo Phoe Khwar copy
Cargo vessels carrying containers in the Yangon River. Photo: Phoe Khwar

THE value of trade through shipping between Myanmar and international traders totalled US$9.997 billion since this April, increasing by $1.226 billion from this time last fiscal year, according to the official statistics issued by the Ministry of Commerce.
At this time in the last FY, maritime trade was $8.8 billion in total, with exports worth $3.124 billion and imports worth $5.646 billion. The country’s value of imports is usually greater than its exports. Between 1 April and 10 August this year, the country’s export was valued at $4 billion while its imports reached nearly $6 billion.
When compared with the same period in the last year, this year saw an increase in value of marine export/import. According to the ministry’s data, the country’s export during the period went up by $876 million and its imports also increased by $349 million.
The overall value of overseas trade as of 10 August this year exceeded $13 billion, which shows an increase by $1.6 billion in comparison with this time last year.
Approximately 80 per cent of the country’s total trade is delivered by sea. Myanmar primarily imports capital goods, intermediate goods and consumer products, whereas it exports seven major groups of commodities, such as agricultural, animal and aquaculture products, forest-based products, minerals, manufacturing goods and other miscellaneous items.
According to the ministry’s annual statistical report, the country’s maritime trade was valued at $25.019 billion during the last FY. The external trade by sea was $14.67 billion in the 2012-2013 FY, $20.37 billion in the 2013-2014 FY; $22.37 billion in the 2014-2015 FY; $20.56 billion in the 2015-2016 FY and $21.43 billion in the 2016-2017 FY.

 

Shwe Khine

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