Trade between Myanmar and the Republic of Korea this January topped US$82.8 million, registering an increase in value by $19.148 million or 30 per cent from last January, according to the Ministry of Commerce’s latest monthly trade report.
Myanmar’s exports regularly outdid its imports in bilateral trade with South Korea. Between October and January this year, Myanmar’s export to South Korea was worth $43.3 million, while its import from the East Asian country reached nearly $40 million.
This year saw an increase in both export and import value between the two countries. In comparison with last January, the current bilateral export rose by $16.936 million or 64 per, whereas the bilateral imports increased slightly by over $2.5 million or 6 per cent. Last January, Myanmar-ROK trade totalled $63.7 million, including $26.4 million in exports and $37.3 million in imports.
Myanmar’s exports to South Korea include agricultural products, including cashew nuts, mangoes, rice, beans and pulses, and other miscellaneous products, importing cosmetics, foodstuff, electronic equipment, textiles, mobile devices and other commodities.
According to the ministry’s yearly trade statistics, trade between the two countries in the FY2017-2018 was almost $798 million in total, down by $76 million, as against the previous 2016-2017 FY’s total of $866 million.
Trade between the two countries reached its peak of $1.57 billion in the 2013-2014 FY. It decreased to $862 million in the 2014-2015 FY and $656 million in 2015-2016 FY.
According to a report of the Directorate of Investment and Company Administration, South Korea’s new investments in Myanmar this financial year reached $13.4 million from two projects. Its investment during the 2018 mini-budget period was $77 million.
(Translated by Khaing Thanda Lwin)