Feb 19, 2015

Export earnings rise in 2014-15 FY

Myanmar's total export earnings for this fiscal year exceeded US$970 million more than last year’s earnings, according to the commerce ministry.

Between April 1 and February 6, Myanmar earned more than US$4.8 billion from exports, including natural gas and finished industrial products. In the same period in the 2013-14 fiscal year, Myanmar's total export earnings amounted to US$3.8 billion.

Myanmar mainly relies on exports of natural resources such as gas and oil, timber and gems, agriculture and marine products due to its weak manufacturing sector.

In the 2013-14 fiscal year, the country earned over US$3 billion from natural gas exports alone, which accounted for the bulk of its total export earnings.

In recent years, the energy ministry has been opening tenders for both offshore and onshore oil and gas blocks to local and foreign investors to develop the energy sector.

Myanmar also exports rice, beans, peas, marine products, animal products, mineral products, timber, oil and gas, textiles and finished industrial products.

Authorities are currently drafting a national export strategy for Myanmar.

Source: Eleven Weekly Media