HomeBreaking NewsMyanmar logs $535M in exports, allows entry of more investors in April

Myanmar logs $535M in exports, allows entry of more investors in April

Myanmar’s trade value for the period April 1 to April 28 reached US$1.44 billion, which is up by over $380 million compared to the same period last year, according to statistics from the Commerce Ministry.

In the same period, exports by sea fetched over $535 million, while imports reached over $900 million. Meanwhile, trade through border camps was valued at over $420 million, according to the official Global New Light of Myanmar.

The country exports agricultural products, fishery products, minerals, animal products, forest products, finished industrial goods, and other commodities, while capital goods, personal goods, and raw industrial materials are imported into Myanmar.

Myanmar is conducting border trade with China through Muse, Lweje, Kanpiketee, Chinshwehaw, and Kengtung, while trading with Thailand is through the Tachilek, Myawady, Kawthaung, Myeik, Hteekhee, Mawtaung, and Maese border gates.

The cross-border trade camps between Myanmar and Bangladesh are Sittway and Maungtaw, while direct trade with India is via the Tamu and Reed border gates.

Flock of investors

In related news, Myanmar has given permission to 20 more investment enterprises recently, creating 3,424 more job opportunities. The 20 enterprises consist of 11 Myanmar enterprises, seven joint ventures, and two foreign-owned enterprises, the Myanmar Investment Commission was quoted as saying.

In the first week of April, the start of fiscal year 2017-18, over $160 million worth of investments by 17 enterprises entered Myanmar, creating 9,478 job opportunities, said a report by Xinhua News.

In the last fiscal year, the country attracted over $6.8 billion in foreign inflow, with the transport and communication sector as top investment destination with $3.08 billion, followed by manufacturing with $1.18 billion, power with $909.883 million, real estate with $747.62 million, and hotel and tourism with $403.646 million, according to figures from the Directorate of Investment and Company Administration.

For fiscal year 2017-18, the country is expecting over $6 billion in foreign direct investment.

Photo: Serinde assumed, Public Domain

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