Myanmar’s total trade volume has hit $21.3 billion as of February 7, latest data from the Ministry of Commerce shows.
Last year, Myanmar had set a target of achieving a total trade volume of $25 billion in 2013-14 fiscal year. The current figure means Myanmar is expected to get closer to fulfilling the target when the fiscal year ends in March.
Overseas trade through sea routes amounted to $17.2 billion while border trade totalled $4.13 billion between April 1, 2013 and February 7.
Myanmar’s export items included mainly agricultural products such as rice, yellow maize, beans, peas, sesame and rubber, hard wood, wood products, marine products, metals, oil and natural gas, gems and garment, while it imported dairy products, edible oils, medicines, cement, machinery, electronic goods, paper, plastic goods and vehicles.
Myanmar’s main source countries for import were China, Germany, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand and the United States.
Of the total target of $25 billion, Myanmar aims to achieve 80 percent from overseas trade and 20 percent from border trade.
As an attempt to boost the border trade while reducing illegal trade, the government last year introduced Individual Trading Card (ITC) which allows merchants along the border region to trade in their individual capacity. Trade volume under the ITC programme recorded over $5 billion, according to ministry data.