The overall value of trade between Myanmar and foreign countries fell by more than $330 million between April 1st and December 30th last year compared to the same period the year before, with a decline in imports offsetting a $509 million rise in exports.
Ministry of Commerce figures show exports reached $8.2 billion, up from last year’s figure of $7.7 billion for the same period. The boost came from key areas including industrial and agricultural products.
Imports this year reached $11.52 billion, down from $12.36 billion down from the same period last year.
The newly appointed Minister for Commerce, U Than Myint, has pledged to triple exports within five years under the NLD-led government and his ministry has liberalised previously restrictive policies on trade licenses and export items.
The central bank recently announced plans to restrict non-essential imports in a bid to narrow the trade deficit slow the decline of the kyat against the US dollar.
The government has also released a National Export Strategy adding more export items and has modernised its customs clearance systems in a bid to make workflow faster.
Myanmar exporters and importers meanwhile have urged the government to provide better modern infrastructure for local transport and at international ports. The banking industry says smooth banking infrastructure is needed to support international trade.
Government figures show that the recent clashes near the border with China between rebel groups and the Myanmar military saw trade at the Muse border post, a key overland export route, slump by $400 million as of December.
Source: Myanmar Business Today
