The trade volume between Myanmar and China usually reaches about US$10 billion every year, accounting for 30 per cent of Myanmar’s foreign trade, said Ministry of Commerce permanent secretary Toe Aung Myint.
In the export sector, marine trade reached more than $1.3 billion. Border trade reached $638 million. The total export volume reached more than $1.9 billion up to June 2 for the 2017-2016 fiscal year. In the import sector, marine trade reached $2.6 billion. Border trade reached $467 million. The total import volume reached more than $3.1 billion.
The trade volume has so far reached $5 billion this year – up $730 million from the same period last year, according to official data from the Ministry of Commerce. Deputy commerce minister Aung Htoo said: “Myanmar’s export volume is expected to triple under the new government. Illegal trade at the border must be changed into official trade. Value-added agricultural products must be manufactured. Gems must be changed from raw to finished products.”
Myanmar exports agricultural produces, marine products, minerals, forest products, industrial products, animal products and other items, and the country imports investment materials, raw materials for industrial purposes and personal goods. Although Myanmar possesses natural resources to export, it is not a competitive exporter of natural gas. Low rates can hurt Myanmar’s economy, said Commerce minister Dr Than Myint.
“Revenue is a main issue for the country. Falling oil prices harm exports. Timber production from the forest is now being reduced. Reforestation will have to be carried out during the reduction of timber production. It can somewhat hurt the country’s economy,” Minister Dr Than Myint said.
Eleven Myanmar
