BILATERAL trade between Myanmar and India reached nearly US$650 million within the five months between April and August this year, down by $112 million from this time last year, according to the monthly trade report released by the Ministry of Commerce.
The total bilateral trade included $239 million in exports and $410 million in imports. During the period, Myanmar’s imports outdid its exports in external trade with India, the world’s second largest most populous country.
At the same period in the last year, the Myanmar-India topped $762 million, with exports worth $431 million and imports worth $330 million.
India largely exports medicines, oil cakes, electronic products, motorbikes, cotton yarn, non-alloy steel and other construction materials to Myanmar. Its imports from Myanmar include areca nuts, ginger, saffron, turmeric, bay leaves and other fruits and vegetables, fishery, forest products and human hair.
Myanmar’s trade with the Republic of India reached its peak of $1.9 billion in the fiscal year 2016-2017. The figures decrease to $1.47 billion in the following 2017-2018 FY.
The ministry’s data showed that the bilateral was $1.4 billion in the 2011-2012 FY, $1.3 billion in the 2012-2013 FY, $1.6 billion in the 2013-2014 FY, $1.3 billion in the 2014-2015 FY and $1.7 billion in the 2015-2016 FY. According to the Directorate of Investment and Company Administration (DICA), India’s new investment in Myanmar at the end of September this year reached $19.9 million. Myanmar received a total of $10.9 million in the last 2017-2018.