Jul 20, 2015

Trade with EU reaches US$152m.

The Ministry of Commerce has reported that from the start of the financial year to July 1, there has been US$152 million trade between Myanmar and the EU, with Myanmar earning more than US$97 million from exports.

EU imports reached US$56 million.

During 2014-15, trade amounted to US$613 million with exports of US$291 million and US$320 million in imports.

Although the European Union has allowed Myanmar to enjoy generalised system of preferences (GSP) tax rebates, exports are reportedly still limited by the quality of products.

“Even though the EU has given us GSP tax reductions, our product quality speaks volumes. So the amount of exports is yet to increase. It doesn’t only apply to the EU. If we want to thrive in other markets, we have to make sure our products are up to standard. We need to juggle market expansion with one hand while the other handles increasing our product quality,” said a Ministry of Commerce source.

Source: Eleven Weekly Media