Jul 27, 2016

Exports up by $266 Million in first quarter

The National League for Democracy (NLD)-led government has outpaced its predecessor’s export totals during the first quarter of the 2016-17 fiscal year by $266 million.

At the beginning of previous fiscal year, the export volume for April through June reached $2.22 billion, but this year’s export volume has reached $2.48 billion, according to Ministry of Commerce.

“Agriculture and fishery products export volumes have increased while gas and garment exports have decreased since last year. The government is working on ways to raise export in each sector. We expect this year’s export to be higher than last year,” U Khin Maung Lwin, deputy secretary of the Ministry, told Myanmar Business Today.

Union Minister for Commerce Dr Than Myint has pledged to raise export volume threefold within five years of the new government and the Ministry is currently conducting research in agricultural products to penetrate the European market for better prices as well as placing a focus on quality products to match international standards.

“We are mainly focused on European markets because we can earn higher prices from those markets, but we have to work on producing quality products to match European standards,” U Khin Maung Lwin said.

Last year’s first quarter total import and export volume reached $5.54 billion and this year it reached $5.91 billion during the same period, according to statistics from the Ministry.

Source: Myanmar Business Today