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November 20, 2019

Bilateral trade with Brazil exceeds $180 million in current FY

Myanmar’s ports are one of the last frontiers in Asia for American countries. Photo: phoe khwar
Myanmar’s ports are one of the last frontiers in Asia for American countries. Photo: phoe khwar

EXTERNAL trade between Myanmar and Brazil, during the past nine months of this fiscal year (FY), totalled US$182.825 million, according to the monthly report issued by the Ministry of Commerce.
Myanmar’s exports to the Federative Republic of Brazil, the largest country in both America and Latin America, were worth $1.885 million, whereas Brazil’s exports to Myanmar were valued at $180 million. Brazil mainly exports sugar and imports baskets and hats.
In 2011-2012 FY, trade with Brazil was valued at nearly $14 million, decreasing to $6 million in the following FY. Since 2013-2014 FY, the two nations saw an increase in the value of trade. Bilateral trade was valued at $160 million in the last financial year, which increased by some $124 million over the previous FY.
As a last frontier in Asia, Myanmar welcomes Brazilian investments in sectors such as infrastructure, transportation, hydroelectric power plants, hydrocarbon exploration and mining. According to the ministry’s latest report, the value of trade between Myanmar and the American countries, including Canada, Cuba, Panama, Brazil, Colombia, Argentina, Ecuador and the United States, reached $856 million during the current FY.—Shwe Khine

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