Monday, August 7, 2017

Commerce Ministry intends to triple exports

August 6, 2017
The Commerce Ministry is attempting to triple exports by relaxing trade controls, forming a private sector development committee and increasing its cooperation with trade partners.

Exports from 1 April to 21 July earned more than US$3.84 billion, an increase of $645 million more than the same period last year.

Rice exports, a core agricultural export product, was worth US$124 million during this period more than the same period last year.

Despite increase in rice trade, overall, agricultural exports declined $36 million against last year. Myanmar’s agriculture is hampered by erratic weather, high input costs, lack of pedigree seeds, high cultivation costs, low capacity to produce value-added products, heavy reliance on international markets and lack of technical skills.

Myanmar agriculture is also constrained by burdensome investment restrictions.

This financial year mineral exports have increased $240 million over the same period last year.

Myanmar’s minerals are exported to more than 10 countries, including China, Malaysia, Thailand and Viet Nam. Garment exports on a cutting-making-packaging basis earned $692 million so far this financial year.

Natural gas exports were valued at $768 million. Fisheries, livestock and forest sectors increased slightlythis financial year.

To boost exports, Myanmar has recently established commercial attachés in China, India, Thailand, Singapore, Japan, South Korea, Hong Kong, Switzerland, and Belgium.

There is also a permanent representative of Myanmar to the World Trade Organization.
Ko Khant
Ref; The Global New Light of Myanmar

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