THE total trade value between Myanmar and her trade partners over the past six months has reached almost US$13 billion, a decrease of $483 million compared with the same period last year, according to the Ministry of Commerce.
Between 1 April and the end of September this year, the external trade value hit over $12.9 billion, including over $5.5 billion from the export sector and $7.3 billion from the import sector, while the country has racked up over $1.8 billion in trade deficit.
Myanmar exported $1.37 billion worth of agriculture products, $228 million worth of fisheries products, $382 million worth of mining products, $113 million worth of forest products and $2.6 billion worth of industrial goods during the first six months of this FY.
The country saw an increase of over $360 million compared with the same months last FY. However, the import sector fell by $500 million compared with last year.
The country normally imports industrial raw materials, personal goods, construction equipment, automobiles, capital goods, etc. mainly from China, Japan, India, Indonesia, Germany, France and Hong Kong.
The authorities expect that the trade value of Myanmar with partner countries is likely to reach over US$30 billion over the 2016-2017 fiscal year.
According to the second five-year National Development Plan between 2016-2017 and 2020-2021 FY, efforts are being made by the ministry to promote the country’s export sector by shipping new value-added products from manufacturing sector within the next five years.