To go with story 'Pakistan-China-economy-transport, FEATURE' by Guillaume LAVALLÉE In this photograph taken on September 29, 2015, Pakistani commuters wait to travel through a newly built tunnel in northern Pakistan's Gojal Valley. A glossy highway and hundreds of lorries transporting Chinese workers by the thousands: the new Silk Road is under construction in northern Pakistan, but locals living on the border are yet to be convinced they will receive more from it than dust. AFP PHOTO / Aamir QURESHI

Total border trade value exceeds $7.4 bln

The total land border trade value at 18 trade camps exceeded US$7.4 billion till 18 June 2021, according to the Ministry of Commerce. From 1 October to 18 June of the 2020-21FY, the total border trade value amounted to $7.434 billion, down $806 million compared with the same period last year.

The country conducts border trade with neighbouring China through Muse, Lwejel, Kampaiti, Chinshwehaw and Kengtung, with Thailand via Tachilek, Myawady, Kawthoung, Myeik, Hteekhee, Mawtaung and Meisei land border crossings, with Bangladesh via Sittway and Maungtaw, and with India through Tamu and Reed land border checkpoints, respectively.

Muse trade camp in Myanmar-China border reached $3.75 billion, down over $616 million with the same period last year. Myanmar’s major export items are farm, animal, marine, forest, mining, CMP and other products. The country mainly imports capital goods, industrial raw materials, personal goods and CMP raw materials. 

Source: The Global New Light of Myanmar

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External trade drastically drops by $5.69 bln as of 18 June

Myanmar’s external trade between 1 October and 18 June in the current financial year 2020-2021 plummeted to US$21.48 billion, a sharp drop of 5.69 billion compared with the corresponding period of the FY2019-2020, according to the Ministry of Commerce. During the same period in the previous FY, the trade stood at $27 billion, according to data released by the ministry. Over the past eight and half months, Myanmar’s export was worth over $10.6 billion, which plunged from $12.8 billion registered a year-ago period. Meanwhile, the country’s import was valued $10.8 billion, showing a significant decrease of $3.5 billion compared with the last FY.

Both sea trade and border trade dropped amid the coronavirus impacts. The neighbouring countries tightened the border security and limit the trading time to contain the spread of the virus. At present, the traders have transaction problems triggered by the restriction of the private banks. Furthermore, the pandemic triggered the cargo shipping crisis, a market observer shared his opinion. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods.

The country’s export sector relies more on the agricultural and manufacturing sectors. The government is trying to reduce the trade deficit by screening luxury import items and boosting exports. The Ministry of Commerce is focusing on reducing the trade deficit, export promotion and market diversification. Since 2011, the Ministry of Commerce has adhered to its reform policy. A series of moves to liberalize and open the economy have been introduced through policy development to improve the trade environment. The external trade stood at $36.73 billion in the 2019-2020FY, $35.147 billion in the 2018-2019FY, $18.728 billion in the 2018 six-month interim period, $33.578 billion in the 2017-2018FY and $29.209 billion in the 2016-2017FY, respectively, as per the Commerce Ministry’s statistics.

Source: The Global New Light of Myanmar