Agricultural exports volume plummets by more than $70m

Agricultural exports from Myanmar, which is an agriculture-based economy, have declined in value by more than US$70 million compared to the same period last year, according to the Ministry of Commerce.

During the two months of the transition period, while the volume of trade exceeded by up to more than $900 million compared to the same period of last year, the volume of agricultural exports has declined, according to ministry statistics.

Although the export of industrial finished products and other products – except agricultural products and forestry products – has increased among seven export sectors, agricultural exports have significantly declined by more than $70 million.

Within the agriculture sector, rice export has increased but pulses and other agricultural exports have declined.

However, trade volume has increased compared to the same period of last year and export amount is higher than the import amount, U Toe Aung Myint, permanent secretary of the Ministry of Commerce, said

Efforts are being made to be able to export more agricultural products by working with China and Nepal, he added. The commerce ministry is also working with the agriculture and irrigation ministry on scaling up agricultural exports.

Trade volume exceeded $900 million more than that of last year. Exports reached $500 million while imports reached $360 million. Maritime trade continued to dominate, ministry data suggests.

The commerce ministry is estimated to have received $13.7 billion from trade: $6.7 billion from exports and $7 billion from imports, during the six-month budget period. The period is ongoing.

Source : Myanmar Times

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