Sep 8, 2013

Myanmar's border trade hits over 1.8 bln USD in five months

Myanmar's border trade hit $1.881 billion in the first five months (April-August) of the fiscal year 2013-$14, 391 million more than the same period of the previous year , local media reported Sunday.

Of the total, export amounted to $1.171 billion while the import represented $710 million, enjoying a trade surplus of $461 million.

Myanmar's border trade is done through 15 points with four neighboring countries, namely China, Thailand, Bangladesh and India.

Myanmar's largest border trade point lies in Muse with China, followed by Myawaddy with Thailand.

Lewjie, Chin Shwe Haw and Kanbiketee stand as other trade points with China, while Kaw Thaung and Myeik with Thailand, Nabule, Htee Ki, Sittway and Maungtaw with Bangladesh and Tamu and Reed with India.

In order to crack down on illegal border trade and raise the legal trade volume, Myanmar is sending mobile teams to supervise the trading activities and issuing Individual Traders Card to facilitate traders in carrying out their activities.

According to official statistics, in the fiscal year 2012-13, Myanmar's foreign trade totalled $18.421 billion up over $250 million or 1.4 percent compared with $18.17 billion in the previous fiscal year.

Of the total, the export took $9.08 billion, while the import represented $9.341 billion.

The export items include natural gas, jade, beans and pulses, rice, fish, rubber and teak, while import items include oil and gas, auto spare parts, iron and steel, palm oil, pharmaceutical products, plastics, fertilizer, cement and electronic equipment.

Source: Global Times