Latest release of the Ministry of Commerce shows that the total trade volume of Myanmar has reached over US$21.33 billion as at February 7.
The figure indicates that Myanmar needs to strive for another US$3.7 billion trade in the remaining one and a half months to meet its target of US$25 billion by the budget year end in March.
Normal overseas trade amounted to US$17.2 billion between while border trade totaled US$4.13 billion April 1, 2013 and February 7, 2014.
The country exported mainly agricultural products such as rice, yellow maize, beans, peas, sesame and rubber, hard wood, wood products, marine products, metals, oil and natural gas, gems and garment.
It imported dairy products, edible oils, medicines, cement, machinery, electronic goods, paper, plastic goods and vehicles from China, Germany, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand and the United States.
For the financial year 2013-14, Myanmar targeted US$25 billion in the total trade volume, of which 80 percent is projected to come from overseas trade and 20 percent from border trade. Having achieved just over US$21 billion currently, it is still far short of over US$3 billion to meet the target.
Structurally, Myanmar’s exports rely on agricultural goods and natural resources rather than on manufactured products. To improve its export sector and to become more competitive, the government is drawing the national level export strategy listing prioritized goods and sectors for export.
As an attempt to boost the border trade while reducing illegal trade in those areas, Myanmar government has also issued Individual Trading Cards (ITC) allowing merchants along the border region to trade in their individual capacity. Trade volume under the ITC programme recorded over US$5 billion.
Source: ELEVEN Myanmar