The value of trade between Myanmar and America as of 9th September in this fiscal year of 2016-2017 amounted to over US$134million, with an export value of over US$76.185million, according to the Ministry of Commerce.
The import worth US$58.311million was flowed into Myanmar from America. Trade value has totaled US$134.496million, said an official from the Ministry of Commerce.
The bilateral trade value in 2014-2015 fiscal year was US$550milion whereas that in last fiscal year 2015-2016 was over US$200million.
The agricultural products, fisheries products and finished industrial products are mainly exported to America while Myanmar mainly imported personal goods, capital goods and industrial raw materials from America.
US President Barack Obama has pledged to reinstate Generalized System of Preferences (GSP) benefits for Myanmar. The United States suspended Myanmar’s GSP benefits in 1989. The restoration of GSP can enhance the export sector and help Myanmar economy to take off.
The GSP is the largest and oldest US Trade Preference Program, providing opportunities for the developing and poor countries to effectuate the economic development. —Mon Mon