Myanmar-ROK trade reaches nearly $450 mln in seven months

LOCAL NEWS

The value of bilateral trade between Myanmar and the Republic of Korea in the past seven months (October-April) of the 2020-2021 financial year stood at US$449.98 million, according to figures released by the Ministry of Commerce. Imports surpassed export in Myanmar’s trade with South Korea, with exports registered at $183.95 million and imports valued at $266 million.
Myanmar exports rice and broken rice, coffee, mangoes, pulses, apparel produced on the cut-make-pack basis, shrimp, and sesame oil, among other things, to South Korea, while it imports capital goods such as machinery and equipment, raw industrial goods such as fertilizers and garment materials, and consumer goods such as cosmetics.
The values of bilateral trade between the two countries stood at over $1 billion in the last FY2019-2020, $976 million in the FY2018-2019, $424.7 million in the 2018 mini-budget period, $798.4 million in the 2017-2018FY, $866 million in the 2016-2017FY, $657 million in the 2015-2016FY, $862 million in the 2014-2015FY, $1.57 billion in the 2013-2014FY, $623 million in the 2012-2013FY, and $667 million in the 2011-2012FY. Two South Korea-listed enterprises have brought in the capital of $12.6 million into the country in the current FY. South Korea is Myanmar’s sixth-largest investor. Multinational corporations from South Korea, such as Posco, Daewoo, Samsung, and Hyundai, have already grabbed the market share in Myanmar.
In addition, the Korea International Cooperation Agency (KOICA) has provided grant aid for sustainable rural development and capacity building in public service, technology, education, and the establishment of fundamental infrastructure. — Htet Myat/GNLM

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