Capital Goods Make 40pc of Imports

An official from the Ministry of Commerce said that capital goods form the bulk of the country’s imports and industrially produced products form the largest portion of exports.

Capital goods, also called producer goods, is used in the production of goods or services. These are usually heavy equipment such as excavators, forklifts, generators, metal-forming or metal-working machines, vehicles which require a relatively large investment.

U Win Myint, director of the ministry, said, “Investors have imported a lot of capital goods to carry out construction and infrastructure projects, These goods form about 40 percent of the total imports.”

In 2014-15 budget year Myanmar saw imports of $3.4 billion worth of consumer goods, $5.6 billion of industrial raw materials and $7.3 billion of capital goods – a total of $16.5 billion.

The export sector mainly constitutes natural gas and industrial products, including cut-make-pack garments.

Export values during the 2014-15 fiscal year totalled $2.7 billion worth of agricultural products, $8 million in animal-based products, $0.4 billion in maritime products, $1.4 billion in mined goods, $90 million of forestry products, $5.7 billion in industrial goods and about $1 billion from other sectors – $11.6 billion in total.

Source: Myanmar Business Today

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