Tue 20 Aug 2013
Filed under: Business / Trade,Inside Burma,News
In first three months of fiscal year 2013-14, Burma’s foreign trade hit over US $7 billion, an increase of 15 percent on the same period last year, according to data from the Ministry of Commerce.
Of the total trade volume, Burmese exports amounted to $3. 161 billion while imports totaled $3.919 billion, making a total of $7.080 billion. In the first three months of the 2012-13 period, exports amounted to $3.152 billion with imports standing at $3.010 billion, a total of $6,162 billion.
Dr. Maung Aung, an advisor to the Ministry of Commerce, said priority is currently given to the import sector as the country embarks on a period of building and renewed openness.
“We have given priority to importing goods and investments for the benefit of long-term economic development,” he said. “That is why the amount of imports has significantly increased.”
He said that although imports of rice and various beans have decreased, traders should expect a raise in those goods in the future. He added that Burma has seen a sharp rise in the import of commodities and raw materials in the industry sector.
Thailand, China and India remain Burma’s main exporting partners while China, Singapore and Japan are the top three importers from Burma.
Burma expects to reach a total of $25 billion in foreign trade for the entire 2013-14 fiscal year.