Myanmar-US trade up 67% in January

MYANMAR’S overseas trade with the United States in January touched US$85.69 million, up by over $34 million or 67 per cent, as against the corresponding period last January when the bilateral trade was $51.28 million, according to the Ministry of Commerce.

The total trade figures included exports worth $54.77 million and imports worth $30.92 million. When compared with January 2018, the current export value significantly increased by $29.74 million while the bilateral import rose slightly by $4.68 million.

From October through January in the current 2018-2019 Fiscal Year, Myanmar-US bilateral trade included $176.43 million in the exports and $139.45 million in the imports, totalling $315.88 million.

Myanmar exports agriculture products, beans and pulses, marine products, clothing, forestry products and other finished products to the American market, importing medicine and related equipment, raw materials, industrial products, transportation products, dairy products, and other commodities.

The Myanmar-US trade in the 2018 mini-budget period (April-September) was $455.72 million in total, according to the Commerce Ministry.

The total value of trade between the two countries reached a record high of $718.38 mln in the FY2017- 2018 FY. The bilateral trade was $690.63 mln in the 2016- 2017 FY, $196.90 mln in the 2015-2016 FY, $544.64 mln in the 2014-2015 FY, $104.44 mln in the 2013-2014 FY, $122.79 mln in the 2012-2013 FY, and $293.07 mln in the 2011-2012 FY.

According to the Myanmar Investment Commission, the US’s foreign direct investment in Myanmar during the 2018 mini-budget period totalled $55.9 million. There was no new investment from the US in the current fiscal year.—Khine Khant (Translated by Khaing Thanda Lwin)