Total border trade using ITCs exceeds K37 bln in 10 months

LOCAL NEWS

Total border trade conducted by Individual Trading Cards (ITCs) exceeded K37.84 billion in ten months of the current financial year (FY) of 2019-2020 which started in October, according to the data released by the Ministry of Commerce. From 1 October to 31 July this FY, the Ministry issued 61 ITCs and export using those cards through border gates earned the exporters over K2.6 billion while its imports exceeded K35.24 billion.
The Myawady border recorded the highest trade at a value of K24.78 billion in the current FY, according to the Commerce Ministry. Myanmar mainly exports agricultural products, animal products, marine products, minerals, forest products, manufacturing goods and others to foreign trade partner countries. In contrast, capital goods, intermediate goods and consumer goods are imported.
The Ministry has issued a total of 1,748 ITCs, registering its trade value of over K192 billion since 2012-2013FY. The Ministry issued 292 ITCs in 2012-2013, 261 in 2013-2014, 315 in 2014-2015, 146 in 2015-2016, 248 in 2016-2017, 168 in 2017-2018, 92 in the mini-budget period of 2018 (April-September, 2018), and 163 in the 2018-2019FY, according to the Ministry’s figures. The Ministry began issuing of ITCs in 2012. Traders can sell up to K15 million per week using ITCs, which must be extended every year. The Trade Department issues ITCs to boost border trade.—Zwe (Translated by Hay Mar)

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