Myanmar Foreign Trade Volume at US$23.5billion as of 10 Feb 2017

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Foreign trade volume is over US$23.5billion,  US$61million more compared to the same period of last year, according to the Ministry of Commerce. Up to February 10, Myanmar received more than US$23.5billion from foreign trade, of which US$17.3billion came from overseas trade and more than US$6.1billion from border trade.

In the export sector, overseas trade volume reached US$5.8billion and border trade volume amounted to US$3.8billion. Last year, export volume totaled US$5.2billion and import volume totaled US$3.9billion.

Therefore, in comparison with last year, overall export volume decreased by US$504million and import volume by US$442million.

The overseas trade volume was US$108million more than that of the previous year. The border trade volume was US$47million less than that of the last year, according to the Ministry of Commerce.

So as to increase Myanmar’s trade terms, the quality of export goods must be improved. Commodities capable of helping long term economic development must be imported into the country, Dr Than Myint, the Union Minister for Commerce, said;  “New items must be developed in the export sector. We will have to try to export value added products to foreign markets. We won’t target only a single foreign market – it is required to keep up already-existed markets. We need to diversify our business to EU, the US and Asian markets,” Union Minister Dr Than Myint said.

 

Source: Eleven Myanmar

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