Myanmar trade volume rises despite drop in jade exports
The volume of trade in Myanmar for this fiscal year has been rising despite the drop in export of jade, the Commerce Ministry announced recently.
The trade volume so far this year is worth US$17 billion (Bt504 billion), which is $255 million more compared to the same period of the previous fiscal year. Of the $17-billion trade volume, the export volume was more than $8.2 billion and the import volume was at least $8.7 billion as of March 1.
The export of jade has been the key earner for Myanmar over the past few years. However, last year China raised the tax on Myanmar jade from 3.3 per cent to 34 per cent, dampening the appetite of importers and resulting in a sharp decline in export. The Chinese are the top buyers of Myanmar jade.
The Myanmar government is also calling on the United States and the European Union to lift the sanction on jade and gems so the country can export them to the West as well.
Statistics show that this year Myanmar has exported mostly agricultural products and imported fuel and raw materials for commercial use.
Setting up mobile inspection teams to curb illegal trade at borders is also helping increase normal trade this year. The Commerce Ministry launched an Automatic Licensing System on June 1 last year for 152 export items and 166 import items. These items can be traded without any licensing necessary as of March 1 this year.
