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November 20, 2019

Myanmar’s trade with EU hit over US$1.35 billion as of October this FY

Myanmar’s trade with members of the European Union (EU), during the first seven months of the current financial year (FY), reached over US$1.35 billion, comprising $893 million in exports and $459 million in imports, according to statistics released by the Ministry of Commerce last Friday.
Since April, Germany was ranked first among EU countries with the largest trade value, of some $338 million with Myanmar, followed by Britain in second place, with about $200 million. France was listed in third place with trade valued at some $168 million, while Italy stood at fourth place with an estimated trade value of $127 million. Myanmar’s trade with the Netherlands reached about $117 million.
The value of bilateral trade with Spain was some $101 million, while that with Belgium was $96 million. Trade with Denmark brought in more than $60 million.
Trade values with Czech Republic, Greece, Cyprus, Sweden, Poland, Finland, Bulgaria, Romania, Luxembourg, Austria, Hungary, Estonia, Ireland, Portugal and Malta was less than $50 million each.
Beyond the regional trade regime, Myanmar has established trade links with EU member countries.
Myanmar mainly exported rice, pulses, tea leaves, coffee, apparel from the garment sector on cut-make-pack basis and fisheries products, while cosmetics, food and beverages and consumer goods were imported into Myanmar.
Myanmar reinstated the EU’s Generalised Scheme of Preference (GSP) starting 19 July, 2013.
Myanmar can enjoy GSP while exporting fisheries, rice, pulses, agro products, bamboo and rattan finished products, forestry products, apparels, as well as finished industrial goods.
The trade value with EU countries was about $1.42 billion in FY 2016-2017, $653 million in FY 2015-16, $631 million in FY 2014-2015, $543 million in FY 2013-2014, $400 million in FY 2012-2013 and $404 million in FY 2011-2012.
EU member countries also made investments in several sectors, especially into petroleum and natural gas enterprises, manufacturing, transport, hotels and tourism, and livestock businesses. — Ko Htet

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