Home MMBIZ News Official Trade Volume Increases After Smuggling Crackdown

Official Trade Volume Increases After Smuggling Crackdown

Myanmar’s trade volume during more than five months from April 1 to September 19 has increased by $ 3.21 billion compared to the same period last year, according to the figures of the Ministry of Commerce.

Sea trade accounts for the majority of trade volume, increasing by $2.47 billion. The sea trade during this period amounted to $ 10.16 billion, compared to $7.69 billion last year.

This change was almost entirely due to an increase in imported goods, growing from $4.45 billion to $6.83 billion.

On the other hand, exports by sea increased only slightly, at $3.33 billion, compared to $3.23 billion during the same period last year.

“As initiatives have been started to prevent smuggling at the ports, the Minister for Commerce and Chairman of the central committee took part in field inspections and then issued of ITC (Individual Trading Card) to small-scale individual traders. This has contributed to the trade hike,” an official from the Ministry of Commerce told Myanmar Business Today.

Overland trade across the borders during the period posted a trade worth $2.72 billion, up from $1.98 billion during the same time last year.

In contrast to sea trade, Myanmar exports more by land than it imports, and land-based exports grew from $1.21 billion to $1.78 billion. Imports also increased to a lesser degree, from $762.72 million to $940.29 million.

- Advertisment -

Must Read

Central Bank allows Yuan and Yen for exchange

Central Bank of Myanmar has now allowed Authorized Dealer license holding banks and non-bank financial institutions to buy and sell Chinese yuan and Japan...