Myanmar aims to attain foreign trade worth US$32.5 billion in the second half (October-March) of the current financial year 2023-2024, comprising exports worth $16.5 billion and imports valued at $16 billion, said Union Minister for Commerce U Tun Ohn.
He gave a remark during the meeting with exporters at the Mingala Hall of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) on 16 October.
The Union Minister encouraged exporters to bolster exports and achieve trade surplus in the H2.
He also urged them to exceed the export target for items such as rice and various pulses. Both self-sufficiency and reasonable profit for exporters need to be considered. The Union Minister also promised to help deal with difficulties in export. Myanmar’s trade value accounts for 46 per cent of exports and 53 per cent of imports in H1 (April-September) of the current FY, showing some trade deficit. The trade value in H1 was down by $1 billion compared to that of the corresponding period last FY 2022-2023.
The drop in exports was attributed to weak foreign demand in finished garment products, rice, broken rice, green gram, sesame and rubber, US dollar appreciation against the Kyat and illegitimate trade, the Union minister highlighted.
UMFCCI President U Aye Win emphasized that the federation will have closer coordination with the businesspersons and ministries concerned with export promotion. There is a trade deficit with exports accounting for 46 per cent of overall trade value in the H1. This being so, the federation will generate ideas to boost exports in the remaining months. There is a high potential in export promotion for rice, and various pulses such as sesame, corn and rubber as El Nino impacts for Myanmar are unlikely to happen. UMFCCI will coordinate with its affiliates and associations to explore new potential export items. He also elaborated on fair competition between businesses and cooperate effectively with affiliated associations by making practical approach to export promotion activities
Exporters engaged in agricultural products (rice and various pulses), oil crops, vegetables and the CMP garment manufacturing sector also raised matters regarding export activities, contributing factors (foreign exchange rate and rise in commodity index) to export declines and suggestions for export promotion.
Additionally, importers also discussed matters related to difficulties in imports of pharmaceuticals, industrial raw materials, chemicals, feedstuff, paper, iron and steel. They generated ideas to bolster exports as well. — NN/EM
