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March 25, 2019

Maritime trade reaches $5.9bln in Q1 of current FY

Myanmar’s maritime trade makes up approximately 80 per cent of the country’s total trade. photo: phoe khwar
Myanmar’s maritime trade makes up approximately 80 per cent of the country’s total trade. photo: phoe khwar

Myanmar’s maritime trade in the first quarter (Q1) of the current fiscal year has touched US$5.982 billion, an increase of $443 million compared with the corresponding period of the last FY, according to the Ministry of Commerce.
From 1 October to 28 December, maritime exports totalled $2.147 billion while imports stood at $3.835 billion. During the same period in the previous fiscal year, Myanmar’s trade via sea was pegged at $5.538 billion, with exports valued at $1.728 billion and imports registered at $3.810 billion.
Roughly 80 per cent of the country’s total trade is conducted through the maritime routes. According to data from the ministry, Myanmar’s maritime trade stood at $14.6 billion in the 2012-2013FY, $20.375 billion in the 2013-2014FY, $22.369 billion in the 2014-2015FY, $20.56 billion in the 2015-2016FY, $21.432 billion in the 2016-2017FY, and $25.019 billion in the 2017-2018FY. In the last six-month mini-budget period, the country shipped goods worth $14.231 billion via sea.
In the first quarter of this FY, Myanmar’s border exports reached $1.469 billion while imports stood at $665 million. Myanmar’s major import items are divided into four groups — capital goods, intermediate goods, consumer goods, and CMP products. The country predominately exports seven groups of commodities, namely, agro, animal, fisheries and forest products, minerals, manufactured goods, and other miscellaneous products.
The trade authorities have been making efforts to boost external trade by promoting domestic production.—Swe Nyein (Translated by KTL)

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