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January 19, 2020

Muse trade rises again after merchant accounts unfrozen

Trucks seen at 105-mile trade zone Muse, northern Shan State.  Photo: Phoe Khwar

The Muse land port of entry saw trade values increase by US$100 million in first four months of the current financial year compared to same period of last year, said the merchants engaged in Muse border trade.
The increase in trade is due, in part, to the unfreezing of bank accounts by China after a recent crackdown on suspected smugglers and illicit traders.
The Chinese government blocked some bank accounts earlier this year due to suspicions that certain accounts were linked to illegal gambling, trafficking and other illegal activities.
The Muse gate is Myanmar’s busiest border trade point. Border trade at Muse was estimated at $1.6 billion between 1 April and 28 July.
Of 16 border gates, five provide entry to China, including Muse, Lweje, Kanpiketee, Kengtung and Chinshwehaw. Sino-Myanmar trade as of 28 July this financial year is estimated at $1.97 billion, an increased of $130 million compared to same period last year.
Total border trade in first four months of this financial year amounted to $2.39 billion which is $128 million more than last year. Exports were estimated at $1.48 billion and imports were worth $907 million.

 

Mon Mon

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