The individual trade through land border exceeded over K8.09 billion in the first quarter of the current 2020 – 2021 fiscal year12 Jan 2021
According to data released by the Ministry of Commerce, trade conducted by Individual Trading Card (ITC) holders reached over K8.09 billion through the land border in the first quarter of the current financial year 2020-2021.
The Trade Department issued 17 cards in the October-December period this FY. Imports exceeded K6.46 billion, and exports were valued at just K1.6 billion.
The Myawady border recorded the highest trade value at K5.3 billion, according to the Commerce Ministry. Nevertheless, the figure only reflected imports as individual trading cardholders did not export goods through the Myawady crossing.
The value of trade carried out by individual cardholders stood at K115 million at Tamu post, K116 million at Tachilek, K421 million at Kawthoung, K2.09 billion at Mawtaung and K14.2 million at Kengtung, as per data from the Commerce Ministry.
Individual trades topped K737 million in the period from 21 November 2012 to 31 March 2013; exceeded K6.6 billion in the FY2013-2014; reached K9.37 billion in the FY2014-2015; stood at over K6.4 billion in the FY2015-2016; rose above K18.5 billion in the FY2016-2017; touched K45.9 billion in the FY2017-2018; K22.5 billion during the 2018 mini-budget period (April-September); K59 billion in the FY2018-2019 and drastically plunged to K43.32 billion in the FY2019-2020.
The individual traders who cannot establish their own company can trade with the ITC in the border area. However, trading volume is limited. The card validity is set only one year, and the cardholders need to extend the card at the respective border posts one month before the expiry date.
Trading with the use of ITC is based on local currency. Hundreds of exports and imports items have been allowed for individual trading via the border posts.
The trade department has issued 1,792 cards so far intending to boost trade. Business people can trade goods worth K3 million per day using ITCs, and the Trade Department has permitted trade of up to K15 million per day over five days. —Ko Htet (Translated by Ei Myat Mon)
(The Global New Light of Myanmar: https://www.gnlm.com.mm/