Feb 9, 2012

Myanmar's foreign trade expected to grow over 30% in FY 2011-12

Myanmar's foreign trade is expected to grow more than 30 percent to reach 16.1 billion U.S. dollars in the fiscal year 2011-12 from 12 billion dollars in the previous year thanks to trade policy change, according to local media on Wednesday.
The trade volume attained 14 billion dollars in the first ten months (April-January) of 2011-12, the Myanmar Times quoted the Ministry of Commerce as saying.

Of the total during the period, the export took 7.1 billion dollars while the import represented 7.3 billion dollars and these earning were mainly gained from the export of natural gas, marine products, rice, minerals and beans and pulses.

Meanwhile, to boost export, the government has exempted commercial tax on a number of export items such as rice, beans and pulses, corn, sesame, rubber, freshwater and saltwater products and animal products (except prohibited ones) as well as value-added products made of timber, bamboo and rattan.

Myanmar mainly exports agricultural, animal, marine, mineral, forestry products and finished goods, while it imports cement, agricultural machinery and its spare parts, computer and electronic devices, motor cars, motorcycles, mobile phones and their accessories.

Source: Xinhua