Apr 29, 2015

Trade with US reaches US$550 million

Trade between Myanmar and the US reached US$550 million in the 2014-15 fiscal year, said the Ministry of Commerce.

"Trade between Myanmar and the US increased to reach US$550 million. Goods imported from the US hit US$500 million and our exports gained US$50 million," said director Win Myint from the ministry.

The ministry explained that Myanmar imported consumer products worth US$428 million and investment-related equipment worth US$50 million and raw materials worth US$21 million.

Foreign investment in Myanmar hit US$8 billion while the country imported investment-related items worth US$7.3 billion.

Myanmar’s exports are split into seven groups, including agricultural products, and imports are divided into three main groups: investment-related items, raw materials and consumer products.

The foreign trade volume from April 1 to 17 this fiscal year saw a slight drop as it reached US$551 million, compared with that of last year which hit US$613 million in the same period.

Source: Eleven Weekly Media