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October 15, 2019

Export surges to $15.97 bln in current fiscal year

Myanmar’s exports to foreign countries touched a high of US$15.97 billion between 1 October, 2018 and 13 September, 2019, according to data of the Ministry of Commerce.

Merchants evaluate the quality of the jade lot at the Mid year-Myanmar Gems Emporium 2019 at Maniyadana Jade Hall in Nay Pyi Taw on 21 September. Photo: Aye Than

The figure is up by $599.9 million compared with $10.89 billion registered in the corresponding period of last fiscal year. Of the seven export groups, agriculture, livestock, fishery and finished industrial goods showed increase while exports of minerals, forest products and other exports declined.
Export values were registered at $3.13 billion for agro products, $354.7 million for livestock, $695.7 million for fishery products, $1.38 billion for minerals, $166.39 million for forest products, $9.48 billion for manufactured goods and $749.8 million for other goods.
The country’s export sector relies more on the agriculture and manufacturing sectors. While export earnings from the CMP (cut, make, and pack) garment businesses are rising, the country’s reliance on natural resources such as natural gas and jade is lessening.
The Ministry of Commerce is focusing on export promotion in order to reduce trade deficit. Since 2011, the Ministry of Commerce has adhered to its policy reform. Moreover, a series of liberalization and openness for policy development have been introduced for enhancing more viable trade environment, Permanent Secretary said at the Myanmar Global Investment Forum 2018 held on 12 September 2018 at MICC2 in Nay Pyi Taw. — Ko Khant

(Translated by EMM)

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