Myanmar-US trade touches $230 mln in Q1

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Myanmar’s export items to foreign markets include fishery products. photo: supplied

The bilateral trade between Myanmar and the US totalled US$230 million in the October-December period in the current fiscal, with exports surpassing imports, according to data released by the Ministry of Commerce. In the three-month period in the current FY (Oct 2018-Sep 2019), exports stood at $121.6 million, while imports were recorded at $108.5 million.
Myanmar shipped rice, various types of pulses, forestry products, fish, prawns, apparel, garments produced on the cut-make-pack system, and other finished industrial goods to the United States, while it imported personal goods, capital goods, and industrial raw materials.
In the second week of February, the US Ambassador to Myanmar, Mr. Scot Marciel, met with government officials and business associations for cooperation in port facilities development, and logistics and transportation sector. Additionally, US insurance companies, agriculture companies, and IT businesses have shown a keen interest to invest in Myanmar. Interested investors from the US will be visiting Myanmar in April.
Under the former US president Barack Obama’s administration, the US reinstated Myanmar for the Generalized System of Preferences, lifting more than two-decades long economic sanctions against Myanmar.
US-listed corporations have brought investments worth more than $430 million into Myanmar so far. Multi-national corporations such as Pepsi, Coca Cola, KFC, GE are also now operating in the country.
Myanmar’s bilateral trade with the United States was worth $455.7 million in the last mini-budget period (Apr-Sep 2018), $718.3 million in the 2017-2018FY, $690.6 million in the 2016-2017FY, $196.9 million in the 2015-2016FY, $544.6 million in the 2014-2015FY, $104 million in the 2013-2014FY, 122.7 million in the 2012-2013FY, and $293 million in the 2011-2012FY.

 

—Ko Htet (Translated by Ei Myat Mon)

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