Trade volume set to beat FY 2009-10 total
January 3 - 9, 2011
MYANMAR’S foreign trade volume for financial year 2010-2011 is on track to exceed last year’s trade figures, commerce ministry officials say.
As of December 7, the export volume of normal trade amounted to about US$4.9 billion, and border trade $600 million, for a total export volume of about $5.5 billion.
Total imports came to $3.4 billion with $2.8 billion coming through normal channels and $580 million in border trade.
Comparing the nearly $9 billion attained so far this year against the $11.7 billion for the whole of last year, officials at the Ministry of Commerce are looking at an increase in the total financial year, which ends in March, compared to 2009-2010.
“Although Myanmar reduced exports of rice and industrial finished products this year, the amount of jade, teak logs and other agricultural products exported exceed last year’s figures,” said U Kyaw Soe Lin, director of the import section at the Ministry of Commerce in Nay Pyi Taw.
Jade, teak logs, clothing, raw rubber, fish, minerals, black matpe and sesame were among the commodities exported in greater quantity this year, said U Kyaw Soe Lin.
But export quantities of rice, industrial finished products, hardwood logs, some pulses and some fisheries products were lower this year.
Major imports included petroleum products, machinery, iron and construction materials, automobiles and auxiliary components, shipping components, palm oil, pharmaceutical products, raw plastic and chemicals.
China and Thailand are Myanmar’s largest trading partners, mostly across the border. Saudi Arabia is the biggest partner in the Middle East, and Germany was the biggest in Europe this year.
In the current fiscal year, there are about 400 foreign investment projects worth about $16 billion throughout the country, according to statistics from the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). The biggest projects are in electric power, oil and gas, manufacturing, mining, livestock, real estate and tourism, according to the UMFCCI.
As 2010 drew to a close, many foreign entrepreneurs were looking for local business partners in the expectation that the new government would relax economic policy.
“International delegations come to UMFCCI and meet with Myanmar officials daily, which shows that foreign countries want to invest here,” said U Aung Soe, director of the International Trade Promotion Department under the Directorate of Trade. He predicted that the Special Economic Zone project in Dawei, Tanintharyi Region, would attract more foreign investment in local manufacturing, trading and logistics services.
U Aung Soe also urged the government and private companies to cooperate in preparing for the ASEAN Free Trade Area, which comes into effect in 2015, when he said the country would face both greater challenges and opportunities.
