Exports Top $14.84 Bln As Of 7 August

21 Aug

Myanmar’s exports between 1 October and 7 August in the 2019-2020 financial year shot up to US$14.84 billion from $14.6 billion registered in the corresponding period of the previous budget year, according to the data from the Ministry of Commerce. The figure reflects an increase of $218.224 million compared with the year-ago period. Of the seven export groups, agriculture, fisheries, minerals and other goods showed an increase in exports. Meanwhile, exports of livestock, forest products and finished industrial goods declined. Export values have registered at $3.35 billion for agro products, $69.56 million for livestock, $757.35 million for fishery products, $1.59 billion for minerals, $128 million for forest products, $8.07 billion for manufactured goods, and $871.256 million for other commodities.

Myanmar’s top 10 export countries are China, Thailand, Japan, Singapore, the US, India, Germany, the Republic of Korea, Spain and the UK, the Commerce Ministry stated. The country’s export sector relies more on the agriculture and manufacturing sectors. While export earnings from the CMP (cut, make, and pack) garment businesses are rising, the country’s reliance on natural resources, such as natural gas and jade, is decreasing.

The CMP garment sector, which contributes to 30 per cent of Myanmar’s export sector, is becoming challenging because of the cancellation of order from some countries and suspension of trade caused by the coronavirus negative impacts. It can harm the export sector to a certain extent, business people highlighted. At present, exports of rice, corns and pulses are rising, while CMP garment export is dropping. The Ministry of Commerce is focusing on export promotion to reduce the trade deficit. Since 2011, the Ministry of Commerce has adhered to its reform policy. A series of moves to liberalize and open the economy have been introduced through policy development to improve the trade environment. 

Ko Khant (Translated by Ei Myat Mon)