The recently reported downward trend in trade in Myanmar has bounced back during the second week of this month due to strong imports, according to a report from the Ministry of Commerce.
The total trade volume between April 1 and May 9 of fiscal year 2014-15 showed US$2 billion — with US$ 1.48 billion from imports and US$ 560 million from exports.
Compared to the same period last year, the total figure has increased by US$180 million since exports decreased by US$ 170 million while imports rose by US$ 355 million.
In FY 2013-2014, Myanmar’s trade value reached nearly US$ 25 billion — with over US$ 11.1 billion from exports and US$ 13.75 billion from imports. This left a trade deficit that topped US$ 2.65 billion.
Since imports outweigh exports in Myanmar, the Ministry of Commerce recently launched the MyanTrade, a new organisation with the stated goal of enhancing Myanmar’s burgeoning export sector.
The ministry is currently drafting the Value-added Exports Law to develop exports and create job opportunities. Similarly, the Anti-Dumping Law and Safe-Guard Law are being drawn up to protect the rights of local proprietors.
Myanmar has exported products from agriculture and livestock, mineral extractions, wood products and industrial end products. Commodities, raw materials and goods for investment have been imported from neighbouring countries.
Myanmar’s foreign exports depend highly on natural resources, such as gas, teak and goods from agriculture and fishery.
Source Eleven Media