Myanmar’s exports to Hong Kong outperform imports in mini-budget period

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The value of trade between Myanmar and Hong Kong totalled US$238 million in the mini-budget period (April to September this year), with Myanmar’s exports surpassing imports, according to data released by the Ministry of Commerce.
Myanmar shipped goods worth $230 million to Hong Kong, and imported goods worth $8.5 million.
Myanmar mainly exports precious stones, agricultural products, fishery products, and garments to Hong Kong, while it imports telecommunications equipment and optical goods.
Bilateral trade between the two countries stood at $385.63 million in the 2017-2018 Fiscal Year, $234.46 million in the 2016-2017 FY, $316 million in the 2015-2016 FY, $343.8 million in the 2014-2015 FY, $502.7 million in the 2013-2014 FY, $27.28 million in the 2012-2013 FY, and $51 million in the 2011-2012 FY.
Myanmar showed a keen interest in strengthening economic ties with Hong Kong through its second Myanmar Investment Promotion Seminar held on 16 October 2018, at the Island Shangri-La, Hong Kong.
Hong Kong is one of the world’s leading financial centers and logistics hub, and serves as an international legal and dispute services center for Asia. It has positioned itself to play a prominent role in facilitating trade and investment and economic integration between Hong Kong and ASEAN countries, including Myanmar.
Economic interaction between Myanmar and Hong Kong has been increasing rapidly. Hong Kong has emerged as the third-largest investor in Myanmar, following Singapore and China. Between 1988 and August 2018, 152 enterprises from Hong Kong have brought foreign direct investments of $7.76 billion to Myanmar, according to the Directorate of Investment and Company Administration.
Myanmar has granted visa exemption to Hong Kong and Macau SAR passport holders from 1 October this year to promote tourism.

 

— GNLM
(Translated by Ei Mon)

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