Myanmar’s overland trade through border hubs has seen a $720.2 million, or 41.2 percent, increase during this fiscal year until the first week of September compared with the same period last year, according to the Ministry of Commerce.
From April 1 through September 5, statistics show that Myanmar had an export volume of $1.61 billion and import volume of $845.55 million. Last fiscal year’s figures during this period were export volume at $1.05 billion and import volume at $689.6 million.
“Easing trade restrictions, including issuing Individual Trading Cards (ITC), have encouraged goods previously smuggled through informal carriers to emerge back on official channels – increasing government revenue,” an official told Myanmar Business Today on condition of anonymity.
“Moreover, policy changes approving trade license applications in a day, expanding the list of goods tradable without licences was conducted in cooperation with the Customs Department and banking sector in order to streamline the process,” he added.
According to the ministry, 702 ITCs were issued in the period between January 1, 2013 and September.
Among the 15 border trading hubs in Myanmar, Muse – a border hub with China – has seen the highest amount of transactions, followed by Chin Shwe Haw and Myawaddy, which border China and Thailand respectively.
During this period, overland trade at Muse had an export volume of $1.35 billion and import volume of $590 million. Chin Shwe Haw saw an export volume of $149.88 million and an import volume of $27.57 million, while trade at Myawaddy saw an export volume of $7.67 million and an import volume of $120.19 million.
Primary overland exports are made up of agriculture, animal and fishery goods as well as forestry and mining products.
As of September 5, pulse and bean exports earned $435.91 million, other agriculture products $579.47 million, animal product $0.098 million, fishery products $99.22 million, and forestry and mining exports made up $2.62 million and $473.85 million, respectively.