Myanmar will open three more border trade points in the coming opening season to promote border trade with its neighbouring countries, according to the Ministry of Commerce.
Of the three new border trade points, two will be set up in Tanintharyi region and Kayah state linking Thailand, while one in Chin state connecting India.
Authorities said they are negotiating with concerned neighbouring countries to officially open the three new border trade points which will take the total number of such points to 18.
Myanmar’s border trade is being mainly done through Muse, Lweje, Chinshwehaw and Kan Pite Tee with China, through Myawaddy with Thailand and through Tamu with India.
Muse racks up the highest border trade transactions between Myanmar and China, reaching over $3 billion in the fiscal year 2013-14 (April-March), according to the Ministry of Commerce.
The authorities recently started cracking down on illegal border trade, claiming that it has confiscated illegal goods worth about $16 billion from November 2012 until July 2014.
Trade goes up
Myanmar’s border trade reached $1.53 billion in the first five months (April-August) of the fiscal year 2014-15, up 11 percent compared with $1.38 billion in the same period last year, the Central Statistical Organization said.
Exports stood at $862 million while imports garnered $665 million. The government has set a target of $6.168 billion in total border trade volume for 2014-15.
Myanmar’s foreign trade reached $24.963 billion in 2013-14 fiscal year, of which overseas trade accounted for $20.38 billion or 81.6 percent while border trade made up $4.59 billion or 18.4 percent.
In 2013, border trade hit $4.68 billion, with $2.9 billion in exports and $1.83 billion in imports.