The Ministry of Commerce is targeting international trade worth $29.8 billion in 2015-16 fiscal year which started in April.
Dr Maung Aung, an advisor to the ministry, said the newly-announced National Export Strategy will be implemented over the course of this year and that will result in an increase of exports of value-added products.
The figure may even exceed $29.8 billion due to a potential increase in long-term investments, he added.
“The garment industry is set to become the main export sector, followed by timber products. Both industries failed to grow last year, but now we are ready. We have also found new products to export, such as rubber,” said Dr Maung Aung.
In the 2014-15 fiscal year, over $11 billion worth of goods were exported and $16 billion worth of goods were imported. The largest exports were agricultural goods and mined materials.
Of the exports, $6.5 billion was exported by the public sector and $5 billion by private sector. The public sector imported goods worth $2 billion and the private sector imported $13.7 billion.
Most of the trade was done within Southeast Asia, accounting for $13 billion.
According to the Ministry of Commerce, last year trade target was $26 billion in foreign trade, but it achieved $27.1 billion. Previously, Myanmar saw $18.1 billion in trade in 2011-12, $18.4 billion in 2012-13, and $24.8 billion in 2013-14.
