Myanmar's export volume was USD 4.6 billion in this fiscal year as of 4 September, down by around USD 200 million compared to last year

Export volumes have fallen this year compared to the same period last year, but the government will still hit its target in kyat terms due to weakness in the local currency.

This fiscal year until September 4, exports were worth US$4.6 billion – down by around $200 million compared to last year, while total trade volume is $11.7 billion according to figures from the Ministry of Commerce.

The ministry’s target volume for the current fiscal year, which ends next March 31, is $30 billion.

Within the first five months of this financial year, nearly $2 billion of natural gas has been exported from Myanmar – compared to $4.2 billion for the full 2015 fiscal year.

New Chinese natural gas buyers will hopefully increase demand later this year, exporting through a second pipeline from Kyaukphyu in Rakhine State to Kunming in Yunnan province, China, said U Win Myint, director at the Trade Promotion Department at the Ministry of Commerce.

“Global commodity prices including the price of oil are down at the moment,” he said. “But we are sure Myanmar’s export volumes for the year will not decline because of the increase in demand for natural gas, as well as agricultural products such as beans and pulses.”

Rice exports are likely to fall below the 2 million tonne target for this year, to between 1 and 1.5 million tonnes, members of the Myanmar Rice Federation previously said. This is a result of a nationwide flooding disaster that resulted in a temporary ban on exports.

U Win Myint added that the weakening local currency also helps to increase export figures. The kyat has fallen by around 25pc this year against the greenback, according to figures from the Central Bank of Myanmar.

Global commodity prices are expected to remain weak in 2015, despite a slight rise in oil prices, according to the World Bank’s most recent quarterly Commodity Markets Outlook, from July.

“All main commodity price indices are expected to decline in 2015, mainly due to abundant supplies and, in the case of industrial commodities, weak demand,” it said, adding that energy prices are likely to average about 39pc lower than in 2014.

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