The export value with the foreign trade partners as of 3rd March in the current fiscal year 2016-2017 amounted to US$10,454.657million with US$ 6323.113mil through normal trade and US$ 4131.544 through border trade, according to the Commerce Ministry.
The total export value from 1st April to 3rd March this FY is up by US$396.614million when compared to that in last FY, according to the official figures provided by the Ministry of Commerce.
The export sector is led by the industrial sector with an export value of US$4895.493mil from 1st April to 3rd March this FY but the figure was down by over US$310mil against that in the similar point of last FY. The export of agricultural products is following it with US$2,572.639mil which is an increase of US$285.187mil than that of last FY.
Mineral export value this FY is found to decline by over US$100million. Nevertheless, the export value of agricultural products, fishery products, animal products, forest products and other products are managed to increase, according to the Commerce Ministry.
The country’s export sector is depending more on the agriculture and industrial products of small and medium sized enterprises, while lessening its reliance on natural resources such as natural gas, jade. The export of natural gas and the crude oil was battered by the low price, it is learnt.
Myanmar’s agricultural export mainly depends on the markets of the most populous neighbouring countries — China and India — especially rice to China and mung bean to India through border trade. The problem is that Chinese authorities often confiscate Myanmar rice flowing into their country through the border as the trade has not been legalized by them yet. Therefore, Myanmar is currently under discussion with China about having a quota of 100,000 tonnes of rice through normal trade. Similarly, domestic pea market is totsally related to the demand from India.
With the concerted efforts exerted by the government and private sectors, rice and broken rice included in agricultural products attained new international markets like Africa, shipping around 600,000 tonnes of rice to the foreign trade partners through normal trade.
In a bid to boost the export volume, the commodity is required to meet the international criteria in the highly competitive market, plus the promising export market.