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November 15, 2019

Myanmar’s trade with EU hit over US$1.2 billion in first half of this FY

Myanmar’s trade with members of European Union in first half of current FY amounted to over US$1.2 billion, comprising $789 million worth of export and $412 million worth of import, according to the statistics released by the Ministry of Commerce last Friday.
Since April, Germany was ranked first among EU countries having the largest trade value of $297 million with Myanmar, followed by Britain at the second place with about $178 million. France was listed at the third place with trade values of about $151 million while Italy stood at the fourth place with estimated $112 million and Myanmar’s trade with the Netherlands reached about $99 million.
Value of bilateral trade with Spain was about $91.6 million while that with Belgium was $85 million. Trade with Denmark fetched more than 55.7 million.
Trade values with Czech Republic, Greece, Cyprus, Sweden, Poland, Finland, Bulgarian, Romania, Luxembourg, Austria, Hungary, Estonia, Ireland, Portugal and Malta was less than $50 million each. Beyond regional trade regime, Myanmar has established trade links with EU member countries.
The country mainly exported rice, pulses, tea leaf, coffee, apparel from garment sector on Cut-Make-Pack basis and fisheries while cosmetic, food and beverages and consumer goods were imported into Myanmar.
Myanmar reinstated EU’s Generalized Scheme of Preference starting from 19th July 2013. Myanmar can enjoy GSP for export of fisheries, rice, pulses, agro products, bamboo and rattan finished products, forestry products, apparels and finished industrial goods.
Trade value with EU countries was about $1.5 billion in FY 2016-2017, $676 million in FY 2015-16, $655 million in FY 2014-2015, $553 million in FY 2013-2014, $408 million in FY 2012-2013 and $412 million in FY 2011-2012.
EU member countries put investments of US$5.6 billion from 2013 to end of Sep 2017, especially in petroleum and natural gas enterprises, manufacturing, transportation, hotels and tourism, livestock businesses.

 

Ko Htet

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