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May 29, 2020

Regional trade exceeds $2 billion in first two months of the interim period

Regional trade between Myanmar and its ASEAN neighbours through sea routes and border gates amounted to US$2.25 billion in the first two months of the six-month interim period prior to the 2018-2019 fiscal year.
Imports in regional trade surpassed exports, with exports totaling $688 million and imports amounting to $1.56 billion, according to statistics released by the Ministry of Commerce.
Thailand was ranked first among ASEAN countries in terms of trade with Myanmar, with trade value between the two neighbours totaling $845 million, followed by Singapore with a trade value of $740.7 million. Malaysia was listed third with a trade value of $365.5 million, while Indonesia stood fourth with an estimated value of $166.322 million. Myanmar’s trade with Viet Nam reached over $123.7 million.
The value of bilateral trade with the Philippines stood at $11.421 million, while trade with Cambodia reached $2.450 million. Trade between Myanmar and Laos was valued at less than one million dollars, while no bilateral trade was recorded between Myanmar and Brunei in the last two months.
The country’s main exports included agricultural and fishery products, and minerals, while imports included food and beverages, electronic tools, motor vehicles, and consumer goods. Apart from its main trade partner China, Myanmar’s external trade was carried out mostly with its regional partners. Trade with countries in the European Union, however, remained uncompetitive compared with regional trade partners.
ASEAN’s focus this year is on resilience and innovation.
Its second objective is to push ahead with regional economic integration and improving regional connectivity, aimed at helping the region remain competitive and prosperous, according to the keynote speech of Union Minister U Thaung Tun at Myanmar Insight 2018 held at the Myanmar Investment Commission. —Ko Khant

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