Trade volume during 10 months in the 2017-18 fiscal year is on course to exceed the target of $ 29 billion (U Khin Maung Lwin, Assistant Secretary of Ministry of Commerce)

5 มีนาคม 2561

Trade volume during 10 months in the 2017-18 fiscal year has exceeded US$28 billion and it is on course to exceed the target $29 billion, according to U Khin Maung Lwin, assistant secretary from the Ministry of Commerce (MOC).

The export volume from April to the first week of February was $12 billion and import almost reached $16 billion. Compared to the same period last year, this year’s trade volume is $4.2 billion more. 

Only $800 million is needed to meet the $29 billion target and thus at the end of the fiscal year, it is expected to exceed the target.

Export volume includes $2596 million worth of agricultural products, $1241 million of mineral products, $5678 million of industrial products, $36 million of animal products, $500 million of marine products, $185 million of forest products and $1909 million of other products totaling $12,229 million. 

When compared to last year, export has increased in all five major sectors and reached US$2,178 million.

“Major exports are agricultural products and industrial products. Export earnings from industrial sector which includes natural gas and CMP increased by about $1 billion,” he said. At present, CMP export amounts to $2 billion and natural gas reaches $2.8 billion.

Trade volume during 10 months in the 2017-18 fiscal year has exceeded US$28 billion and it is on course to exceed the target $29 billion, according to U Khin Maung Lwin, assistant secretary from the Ministry of Commerce (MOC).

The export volume from April to the first week of February was $12 billion and import almost reached $16 billion. Compared to the same period last year, this year’s trade volume is $4.2 billion more. 

Only $800 million is needed to meet the $29 billion target and thus at the end of the fiscal year, it is expected to exceed the target.

Export volume includes $2596 million worth of agricultural products, $1241 million of mineral products, $5678 million of industrial products, $36 million of animal products, $500 million of marine products, $185 million of forest products and $1909 million of other products totaling $12,229 million. 

When compared to last year, export has increased in all five major sectors and reached US$2,178 million.

“Major exports are agricultural products and industrial products. Export earnings from industrial sector which includes natural gas and CMP increased by about $1 billion,” he said. At present, CMP export amounts to $2 billion and natural gas reaches $2.8 billion.

“This year is a record-high rice export for 70 years period as it has exceeded 3 million tonnes. Last year, 

only 1.7 million tonnes of rice were exported. Now it almost doubled. It is mainly due to new market search by the merchants and new markets connected by the ministry,” U Khin Maung Lwin said.

Bangladesh offered to buy one million tonnes of rice this year but only 0.3 million tonnes were exported after inking the contract. Cattle is the new export item and about 10,000 cattle and 140,000 sheep and goats were exported to China. 

However, pulses and bean sector almost suffered from a market collapse. India, which is buying 90pc of Myanmar pulses, imposed import restriction and this ban had affected the entire market including merchants and bean growers.

The bean prices almost halved and so had the export earning. $1.398 billion worth of trade volume was secured by exporting 1.4 million tonnes of pulses and beans in 2016-17, but in 2017-18, with two more months to go, only $752 million was recovered from the export of 1.1 million tonnes.

Despite having only a few remaining stock, low prices have affected the merchants and farmers, U Min Ko Oo, secretary of Myanmar Pulses, Beans & Sesame Seeds Merchants Association, said.

Attempts were also made to promote domestic consumption of pulses and beans. China was targeted as a new market but only a few tonnes were able to be exported. The government tried to sell pulses and beans to India after signing bilateral agreement, but there has been no reply yet, U Khin Maung Lwin explained.

The ministry will continue to carry out export promotion initiatives and support businesses to secure new overseas markets, he went on.

Import volume 

Import volume  includes $5612 million worth of capital goods, $6446 million of raw materials and $3856 million of consumer goods, totaling $15,915 million. This year import volume is $2,031 million more than that of last year, ministry figures suggest. Compared with last year’s trade data, $2.17 billion more export and $2.04 billion more import were recorded, he said. Trade via marine route was more than that via land and ocean trade reached $3.6 billion more.

Border trade

Border trade increased by $560 million this year. Apart from Thailand, there are obstacles in border markets with China, India and Bangladesh.

Muse border trade, which constitutes 70pc of all border trade volume, recorded a trade volume of $4.9 billion while it totalled only 4.5 billion last year.

Tamu border trade this year was $32.376 million while that of last year was $45.2 million, resulting a fall of $12.8 million. The main  export at Tamu border trade is betel and when India raised the import tariff from 0 to 40pc, betel export declined. 

Another reason of trade decline is the blockage of the route by insurgents in India, secretary of Tamu border trade association U Khin Maung Tin said. Myawady border trade with Thailand recorded $766.747 and witnessed a $6.16 million drop from last year, but Thai-Myanmar corss-border trade was compensated by the increase of $102 million at Myeik border trade.

 

(The Myanmar Times: https://www.mmtimes.com/news/trade-volume-course-exceed-government-target-year.html )