Myanmar foreign trade to grow by 30 pc

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IANS | 13 Feb, 2012
Myanmar's foreign trade will grow by more than 30 percent to $16.1 billion in the 2011-12 fiscal year, the commerce ministry said. It was $12 billion in the previous fiscal.

Driven by increased natural gas exports, the trade volume hit $14 billion in the first 10 months (April-January) of 2011-12.

Of the total trade volume during the period, export accounted for $7.1 billion and import $7.3 billion. Besides natural gas, marine products, rice, minerals, beans and pulses accounted for the bulk of trade, Mizzima News reported Monday.

The government has exempted commercial tax on a number of export items such as rice, beans and pulses, corn, sesame, rubber, freshwater and saltwater products, animal products and value-added products made of timber, bamboo and rattan.

Myanmar mainly exports agricultural, mineral, forestry and finished goods, while it imports cement, agricultural machinery, motor cars and electronic devices, among others.

Myanmar's GDP (gross domestic product) is expected to increase by about five percent in 2011-12 financial year and six percent in 2012-13 fiscal, driven by commodity exports and higher investment supported by robust credit growth and improved business confidence.