Myanmar’s trade volume nearly hit US$16bn

Myanmar’s total trade volume has nearly hit US$16 billion in the first nine months of fiscal year 2013-14, according to the Ministry of Commerce.

The trade volume reached US$15.92 billion between April 1 and December 6, which is US$3.65 billion up from the same period last year.

The government has targeted US$25 billion for the whole total trade in 2013-14, of which 20 percent is budgeted from border trade and 80 percent from overseas trade.

Myanmar exported mainly rice, maize, beans, peas, sesame seeds, rubber, marine products, teak, hard wood, metals, natural gas, gems and garment to China, India, Bangladesh, Australia, the United Arab Emirates, Belgium, Indonesia, Italy, Japan, Korea, Malaysia, Pakistan, Philippines, Russia, Saudi Arabia, Singapore, Spain, Thailand, the United Kingdom, the United States and Vietnam, said the report from the Central Statistical Organization Office.

Different consumer goods, industrial products, electronic goods, automobiles and other materials were imported during the period. To boost trade, Myanmar signed border trade agreements with India, Thailand, China and Bangladesh, the report said.

One of the reasons behind the increase of trade figures is the result of the government’s measures against illegal trade along the borders, critics remarked.

source: Eleven Myanmar

http://www.elevenmyanmar.com/business/4452-myanmar-s-trade-volume-nearly-hit-us-16bn