Border trade using ITC exceeds K8.09 bln in Q1 this financial year

According to the figures released by the Ministry of Commerce, Myanmar’s total border trade using Individual Trading Cards (ITC) exceeded K8.09 billion in the first three months of this financial year 2020-2021.
From 1 October to 31 December 2020, the ministry issued 17 individual trading cards. Export using ICT cards through land borders earned over K1.62 billion while its imports exceeded K6.46 billion.
During the period, Myawady border checkpoint recorded the highest ITC’s trade with over K5.33 billion.
Individual trades topped K737 million in the period from 21 November 2012 to 31 March 2013, exceeded K6.6 billion in the 2013-2014FY, reached K9.37 billion in the 2014-2015FY, stood at over K6.4 billion in the 2015-2016FY, rose above K18.5 billion in the 2016-2017FY, touched K45.9 billion in the 2017-2018FY, K22.5 billion during the 2018 mini-budget period (April-September), K59 billion in the 2018-2019FY and K43 billion in the 2019-2020FY.
The Trade Department has issued 1,792 cards, registering its trade value of over K220 billion so far since the 2012-2013FY intending to boost trade.
Myanmar mainly exports agricultural products, animal products, marine products, minerals, forest products, manufactured goods and other goods to foreign trade partner countries. In contrast, the capital goods, intermediate goods and consumer goods are imported into the country.
People in business can trade goods worth K3 million per day using ITCs, and the Trade Department has permitted the trade of up to K15 million per day over five days. — Zwe/GNLM