Japan ranks Myanmar third-largest export country this FY

The value of trade between Myanmar and its development partner Japan exceeded over $1.049 billion in the current FY and Japan is placed as Myanmar’s third-largest export partner, the Ministry of Commerce’s data showed. Myanmar’s exports to Japan in the past ten months (October-July) of the current financial year 2020-2021 touched about US$768 million while import was valued at only $281.4 million, according to the data of the Ministry of Commerce.

Myanmar’s export items to Japan are garments, marine products, rice, black sesame, green gram, rubber and other products. In return, it imported machines and machine equipment, electronic equipment, fertilizers, chemical products, medicines, automobiles, and other products. Bilateral trade values have registered $1.92 billion in the last FY2019-2020, $1.89 billion in the FY2018-2019, $1 billion in the 2018 mini-budget period, $1.92 billion in the 2017-2018FY, $2 billion in the 2016-2017FY and $1.84 billion in the 2015-16FY, respectively.

This FY, three enterprises from Japan were approved to make initial investments of $518 million into the country, according to the data of the Directorate of Investment and Company Administration (DICA). Japan has made up over 34.7 per cent of total FDI in the Thilawa Special Economic Zone. The Japan International Cooperation Agency (JICA) offers loans such as ODA loans and two-step loans intending to bring about socio-economic development in Myanmar.

Source: The Global New Light of Myanmar

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