Myanmar's foreign trade value hits over $11.5 bn in three months

Photo shows a port in Yangon handling international trade. (Photo-Kyi Naing)

Myanmar has good prospects for foreign trade this year as trade value has hit over US$11.5 billion over the past three months, exceeding over US$1.5 billion compared to the same period of last year, said the director general of the Trade Department.

"This year saw an increase of over US$1.5 billion in the same period. So, foreign trade situation is good this year," said Yan Naing Tun, director general of the Trade Department under the Ministry of Commerce.

Up to July this year, foreign trade value hit US$11,570.789 million while the same period of last year saw an amount of US$9,937.104 million.

This year, export value amounted to US$5,290.944 million—US$3,632.068 million in maritime trade and US$1,650.876 million in border trade. Meanwhile, import value amounted to US$6,279.845 million—US$5,353.865 million in maritime trade and US$925.980 million in border trade.

Yan Naing Tun said Myanmar was inviting foreign investment as the country strives for nation-building. He added that the country still experienced a trade deficit because import exceeded export.

"Last year, we had a trade deficit of US$3.8 billion. We are inviting and accepting foreign investment. In the meantime, we have to import commodities for investment. This is capital income. We can't consider trade value alone," he said.

Myanmar exports agricultural produce, forest products, mineral products, fishery products, animal products and raw industrial materials. It imports investment goods, raw materials and consumer goods.