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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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