Myanmar’s overseas trade with Bangladesh this February declined to US$4.5 million from $21.3 million against last February, according to the Ministry of Commerce’s latest monthly report.
The total bilateral trade figures for February 2019 showed exports amounting to $2.916 million, which saw a significant decrease in value by over $15 million, or 83.8 per cent as against the same month last year, when Myanmar-Bangladesh exports exceeded $18 million.
During the month, bilateral imports were valued at $1.5 million, registering a decline by $1.7 million, or over 50 per cent, in comparison with that of last February, when the bilateral imports were $3.2 million.
The trade between the two countries between October and February in the current 2018- 2019 Fiscal Year reached almost $32.8 million, with $20 million in exports and $12.7 million in imports.
Usually, Myanmar’s exports exceed imports in bilateral trade with Bangladesh, conducted by sea or land. In bilateral border trade, goods move mainly through the Sittway and Maungtaw trade stations. The marketable products between the two countries include bamboo, ginger, peanuts, saltwater prawns and fish, dried plums, garlic, rice, mung beans, blankets, candy, plum jams, footwear, frozen foods, chemicals, leather, jute products, tobacco, plastics, wood, knitwear, and beverages.
During the 2018 mini- budget period (April-September), the country’s total trade with Bangladesh reached nearly $243 million, decreasing by $19.8 million against the total value of $63.8 million from this time last 2017-2018 FY.
According to the Directorate of Investment and Company Administration, the country received no new investments from Bangladesh in the present fiscal year. Last FY, Myanmar received $1.5 million in investments from Bangladesh.—Swe Nyein (Translated by Khaing Thanda Lwin)