Individuals’ border trade reaches over $9m in Myanmar

21 January, 2020 12:00 AM printer

YANGON: Total border trade using Individual Trading Cards (ITCs) reached over 14.4 billion kyats (9.4 million U.S. dollars in the first three months of present fiscal year (FY) 2019-2020 which started in October, the Commerce Ministry said on Monday.

From Oct. 1 to Dec. 31 in 2019, the ministry approved 23 individual trading cards and export using those cards through border gates earned over 1.4 billion kyats (934,877 U.S. dollars), while its import shared over 12.7 billion kyats (8.6 million U.S. dollars), reports Xinhua.

During the three months, the Myawady border gate registered the highest ITCs’ trade with over 8.5 billion kyats (5.6 million U.S. dollars).

The ministry issued a total of 1,710 ITCs, registering its trade value of over 183.3 billion kyats (122.2 million U.S. dollars) so far since FY 2012-2013, the ministry’s figures said.

Myanmar mainly exports agricultural products, animal products, fisheries, minerals and forest products to foreign countries, while capital goods, intermediate goods and consumer goods are imported into the country.

The country conducts border trade with neighbouring China through Muse, Lweje, Kanpikete, Chinshwehaw and Kengtung, with Thailand via Tachilek, Myawady, Kawthoung, Myeik, Hteekhee, Mawtuang and Maese gates, with Bangladesh via Sittwe and Maungtaw, and with India through Tamu and Reed border gates, respectively.