Bilateral trade with Bangladesh needs a boost

Bilateral trade between Myanmar and Bangladesh in this fiscal year is the lowest compared to other neighbouring countries, according to the sources from Ministry of Commerce.

Myanmar earned more than US$3.4 billion from the border trade with China, India, Thailand and Bangladesh from April 1 to December 13.

China is the biggest trade partner with Myanmar followed by Thailand.

Myanmar is trading with Bangladesh via Sittwe and Maundaw border trade centres and only earned over US$8 million. It is merely 0.2 percent of the entire border trade.

Myanmar exports farm products, the products from animal, mineral products, forestry products and finished products from industry to neighbouring countries and imported consumer products, raw materials for business use and products related with investment.

Myanmar expected to earn more than US$25 billion in this fiscal year; US$5 billion (20 percent of US$25 billion) from border trade and US$20 billion (80 percent of US$25 billion) from maritime trade.

Maungdaw and Sitttwe border trade centres are opened in 1995 and 1998 respectively to boost bilateral trade with Bangladesh. Bilateral trade agreement between Myanmar and Bangladesh has signed in 1994, sources from the ministry say.

Source: ELEVEN Myanmar

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