August 17, 2017

Breaking News

Exports by government sector dropped by $1.7 billion from last FY

MYANMAR government exported US$3.669 billion worth of products in fiscal year 2016-2017, according to the Ministry of Commerce.
When compared to the last financial year, the export value declined by $1.713 billion during this FY. In the 2015-2016 financial year, the government sector exported agricultural and forest products, manufacturing goods, minerals, and other products worth $5.382 billion to foreign trade partners.
During 2016-2017 FY, the sector sent $386.879 million worth of minerals, $4.411 million worth of forestry products, $0.043 million worth of agricultural products, $2.98 billion worth of manufacturing goods and others worth of $297 million to foreign importers.
Imports by the government sector also decreased to nearly $948 million in FY2016-17 from $2.544 billion in FY2015-16.
The trade authorities are putting forth continuous efforts to develop the country’s economy by encouraging private entrepreneurs in export and import sectors.
Although export by the government sector decreased last FY, the export value from the private sector rose by over $2.197 billion than last FY. According to the official figures released by the ministry, the private exporters sold $7.951 billion worth of goods including animal and marine products within last FY.
Myanmar continues to trade with Asian countries, ASEAN member states, island nations, Middle East countries and some European and African states, and other western countries mainly through by sea.

 

Khine Khant

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