Myanmar’s exports to Hong Kong surpass import in 2019-2020FY Q1

LOCAL NEWS

The value of Myanmar’s bilateral trade with Hong Kong touched US$155.37 million in the first four months of the current fiscal year 2019-2020 (October-January), with exports surpassing imports, according to the data provided by the Ministry of Commerce.
Between October and January, Myanmar has shipped goods worth $152.75 million to Hong Kong and imported goods valued at $2.6 million.
Myanmar’s major items of export to Hong Kong include precious stones, agricultural and fishery products, and garments. The nation mainly imports telecommunications equipment and optical goods.
Myanmar-Hong Kong trade was valued at $232.395 million in the last FY 2018-2019, $238 million in the mini-budget period (April to September 2018), $385.63 million in the 2017-2018 fiscal year, $234.46 million in the 2016-2017FY, and $316 million in the 2015-2016FY, the Commerce Ministry’s data showed. Hong Kong is one of the world’s leading financial centres, logistics hub, and an international legal and dispute resolution services centre for Asia. It has positioned itself to play a prominent role in facilitating trade and investment flows and has been working towards closer economic integration with ASEAN countries, including Myanmar.
The economic interaction between Myanmar and Hong Kong has been increasing rapidly. Hong Kong has emerged as the largest investor in Myanmar in the current fiscal with 35 Hong Kong-based firms pumping in $1.28 billion in real estate development, electricity, and garment businesses as of February-end, according to the Directorate of Investment and Company Administration (DICA). —GNLM  (Translated by Ei Myat Mon)

Share this post
Hot News
Hot News