The incumbent government has set a goal of tripling the export volume during its tenure. Till May 10 of 2018-2019 fiscal year, the external trade volume exceeded 21 billion US dollars, said Deputy Minister for Commerce Aung Htoo, at a press conference on the undertakings of the government’s third-year tenure in office, at the Information Ministry in Nay Pyi Taw on May 29.
“The main duty of the commerce ministry is to help develop internal and external trade. The main objective is to achieve the economic growth through the promotion of trade. The total trade volume hit 29.209 billion USD in 2016-2017 fiscal year, 33.538 billion USD in 2017-2018 FY, 18.679 billion USD in the 2018 mini budget period and 21.198 billion USD till May 10, 2018-2019 FY,” Deputy Minister Aung Htoo added.
The total export volume hit 11.988 billion USD in 2016-2017 FY, 14.85 billion USD in 2017-2018 FY, 8.821 billion USD in the 2018 mini budget period and 10.146 billion USD till May 10, 2018-2019 FY. There is a nearly two-fold increase in the export sector, Deputy Minister Aung Htoo continued.
The CMP garment sector sees the export promotion. The CMP garment sector increased from over 800 million USD in 2015-2016 FY to 2.561 billion USD till May 10, of 2018-2019 FY, resulting in a nearly three-fold increase.
According to the unconfirmed news, the export volume of the local garment sector has reached up to 4.7 billion USD this year.
