Among 10 countries that exported the large trade volume to Myanmar within seven months of 2020-21 financial year, China stands top with more than US$2,950 million worth of export volume, followed by Singapore with more than US$1,500 million and Thailand with over US$1,000 million.
During the period from October 2020 to April 2021, Myanmar imported goods worth US$2,950.78 million from China, US$1,506.58 million from Singapore, US$1,021.87 million from Thailand, US$630.54 million from Indonesia, US$511.75 million from Malaysia, US$353.56 million from India, US$266.04 million from the Republic of Korea, US$231.88 million from Japan, US$225.07 million from Vietnam and US$150.64 million from the United States of America.
Manufacturers and producers as well as local people should take care of increasing the export volume and reducing import items to have a trade surplus as part of practising the thrifty of foreign exchange. It is because the surplus income would flow into the nation-building tasks including the construction of infrastructure and development tasks.
Broadening the scope of business around the Southeast Asian region as well as Asian and global countries, Myanmar entrepreneurs need to seek the best trade opportunities for the extension of their wings to the international market.
During the seven-month period of the 2020-21 financial year, Myanmar earned income from both border and maritime trade routes. Myanmar businesspersons operate export and import functions with Chinese partners at the border trade camps along the longest borderlines between the two countries. It is one of the most significant points for enabling China to become the top trade partner of Myanmar.
Myanmar shares a border with China along the border in Kachin State, Shan State (North) and Shan State (East). Based on the enhancement of bilateral relations, the trade volume of Myanmar and China also reaches the top with US$12,126.278 million last financial year. At that time, Myanmar exported US$5,401.943 million worth of products to China and imported US$6,724.335 million worth of goods from China.
In fact, Myanmar businesspersons and exporters should not satisfy with their trade situation. They need to seek more and more trade partners to be able to increase the trade volume with them while local businesspersons should emphasize manufacturing of export quality products so as to earn an income of foreign exchange.
Broadening the scope of business around the Southeast Asian region as well as Asian and global countries, Myanmar entrepreneurs need to seek the best trade opportunities for the extension of their wings to the international market.
