Myanmar’s border trade with China has increased three-fold in this fiscal year, reaching nearly US$ 3 billion as of December 13, according to the Department of Commerce and Consumer Affairs.
The total trade figure hit US$2.88 billion between April 1 and December 13, in which export to China accounted for US$1.94 billion while import made up US$940 million. In the same period last year, the total trade was just US$879 million.
Many business people attributed the big increase in the trade figures to two main reasons: the measures taken by Myanmar government to control illegal border trade, and the increased trading activities of small entrepreneurs with Individual Trading Cards.
Myanmar has made border trade with China through Muse, Lwe-jel, Chin Shwe Haw and Kanpattee checkpoints. Among them, Muse Checkpoint recorded the largest trade volume, followed by Chin Shwe Haw. It exported agricultural and animal products, wood, metals and industrial goods to China while consumer products, electrical goods and construction materials were imported back during the fiscal year.
In its overall trade volume, Myanmar has aimed to hit US$25 billion, in which 20 percent is expected from border trade and 80 percent from overseas trade, by the end of the fiscal year 2013-14.
Meanwhile, the country has signed the border trade agreements with China, Thailand, India and Bangladesh. Among them, Myanmar-China border trade agreement dated backed to 1994.
Myanmar is planning to open more checkpoints along the Thailand and China borders so as to boost border trade with neighbouring countries, according to the Department of Commerce and Consumer Affairs.
Source: ELEVEN Myanmar