China, Myanmar Trade Up $730m This Year, Says Ministry of Commerce
Release Date: June 21, 2017
Trade between Myanmar and China is up $730 million this year, according to the statistics of the Ministry of Commerce.
So far this year, trade with China has topped $5 billion up until June 2, an increase of $730 million on the same period last year, ministry statistics show.
Trade between the two country's usually hits $10 billion per year, accounting for about 30 percent of Myanmar's foreign trade.
Last year, the total volume of Imports to Myanmar passed $3.1 billion for the same period, with imports by sea accounting for $2.6 billion and border trade $467 million.
In the export sector, marine trade reached more than $1.3 billion and 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.
“Myanmar’s export volume is expected to triple under the new government,” said Aung Htoo, Deputy commerce minister.
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's main exports include agricultural, marine and forest products, minerals, industrial goods and other items while it imports raw materials for industry and personal goods.
Although the country has vast amounts of natural resources to export, Myanmar's oil and gas sector remains wholly undeveloped so it is not a competitive exporter of fuels. Falling oil prices could hurt the economy, said commerce minister Than Myint.
“Revenue is a main issue for the country,” he said. “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.”
Source From: Myanmar Business Today
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