Nov 14, 2014

Average trade volume over US$2.2 billion per month

Myanmar’s foreign trade volume during the April-October period of this year was more than US$2.2 billion on average per month. If this amount continues, total foreign trade volume at the end of 2014-2015 fiscal year will be higher than the projection of US$25.7 billion, according to the Ministry of Commerce.

From April 1 to October 31 of 2014-2015 fiscal year, foreign trade volume was US$16013.338 million.

Foreign trade is made through sea routes as well as border trade. In sea trade, imports are higher than exports while exports are more than imports in border trade.

To improve the trade volume, illegal trades are being cracked down for border trade as well as sea route in which most trades are seen.

Individual trading cards have been given at all border trade zones for individual trading of residents in border regions and this will help reduce illegal trade.

Border trade zones which are currently operating are Muse, Lweje, Chinshwehaw and Kanpitetee in Myanmar-China border, Myawady, Techileik, Kawthaung, Myeik, Kungtung, Mawtaung and Nabulal/Hteekhee in Myanmar-Thai border, Sittwe and Maungtaw in Myanmar-Bangladesh border and Tamu and Reed in Myanmar-India border.

The foreign export structure in Myanmar has to rely on a few main products including mineral resources, natural gas, teak, agricultural and aquatic products, etc.

To improve export, Myanmar Trade Development Organization (MYAN TRADE) will be established, said the Ministry of Commerce.

While the significant development in trade sector will be focused, export improvement strategies in regional countries are being under observed.

Source: Eleven Weekly Media