Myanmar-ROK trade slightly decrease from April to June

Cargo ships carrying goods are seen in Yangon River .  Photo: Phoe Khwar
Cargo ships carrying goods are seen in Yangon River .  Photo: Phoe Khwar

EXTERNAL trade with the Republic of Korea in the first half of the current six-month interim fiscal period hit US$186.9 million, which showed a slight decrease in value by $1.7 million from this time last year, the Ministry of Commerce reported.
This year, Myanmar’s imports outdid exports in bilateral trade with South Korea. Between April and June this year, Myanmar’s export to South Korea was worth $82.3 million, while its import exceeded $100 million.
At the same period last year, trade with the East Asian country was valued at $188.6 million, including $56.9 million in exports and $131.8 million in imports. Compared with the same period last year, this year saw an increase in the value of bilateral exports by over $25 million.
Myanmar exports agricultural products, including cashew nuts, mangoes, rice, beans and pulses, and other miscellaneous products to South Korea. Cosmetics, foodstuff, electronic equipment, mobile devices and other commodities are imported from South Korea.
According to the ministry’s yearly trade statistics, trade between the two countries in the last fiscal year 2017-2018 totalled $798.4 million, decreasing by $76 million against the previous 2016-2017 FY’s total of $866 million.
Trade between the two countries reached its peak of $1.57 billion in the 2013-2014 FY. It decreased to $862 million in the 2014-2015 FY and $656 million in 2015-2016 FY.
According to a report of the Directorate of Investment and Company Administration, South Korea’s investments in Myanmar this year reached $7.8 million from two projects. Last year, its investment in Myanmar was worth $253.9 million.—Khine Khant

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