Myanmar-India trade in January up 28%

MYANMAR-INDIA bilateral trade totalled US$147 million in January, the fourth month of the fiscal year 2018-2019, with $70.4 million in exports and $77.4 million in imports, according to the monthly trade report of the Ministry of Commerce.

 

When compared with the same month in the previous 2017- 2018 FY, the current trade value between the two countries has increased by $32.9 million, or 28.6 per cent. During the period, Myanmar’s imports outperformed exports in external trade with India, the vast Southeast Asian neighbour.

 

This FY saw a significant increase in export value by $46.8 million, whereas import value declined by nearly $14 million in bilateral trade with India. In January 2018, Myanmar-India trade stood at $114.9 million, with exports worth $23.6 million and imports totalling $91 million.

 

Myanmar delivers commodities to India via both the sea and border routes. In border trade, the two countries trade goods chiefly through Tamu and Reed border checkpoints. The marketable items between the two countries include areca nuts, ginger, saffron, turmeric, bay leaves and other fruits and vegetables, fishery and forest products, and human hair, medicines, oil cakes, electronic products, motorbikes, cotton yarn, non-alloy steel and other construction materials.

 

According to the ministry, trade with India reached its peak of $1.9 billion in the 2016-2017FY. The figure dropped to $1.47 billion in the 2017-2018FY. During the 2018 mini-budget period (April and September), bilateral trade exceeded $800 million, with $292 million in exports and $508 million in imports.

 

According to the Directorate of Investment and Company Administration, Indian investment in Myanmar during the 2018 mini-budget period was $19.9 million. The country has seen no new investments from India in the current fiscal year.—Swe Nyein (Translated by Khaing Thanda Lwin)