Export revenue continues upward trend
Play
Myanmar's export revenue in this fiscal year has already surpassed last year's level by nearly US$1 billion, according to the Commerce Ministry.
Between April 1 and February 6, export revenue topped US$4.8 billion, largely thanks to natural gas. Yet, finished industrial products also constituted a large sum.
In the 2013-14 fiscal year, total export earnings amounted to US$3.8 billion.
Myanmar mainly relies on exports of natural resources such as gas and oil, timber and gems, agriculture and marine products due to its weak manufacturing sector.
In the 2013-14 fiscal year, the country earned over US$3 billion from natural gas exports.
In recent years, the Energy Ministry has been opening tenders for both offshore and onshore oil and gas blocks to local and foreign investors to develop the energy sector.
Myanmar also exports rice, beans, peas, marine products, animal products, mineral products, timber, oil and gas, textiles and finished industrial products. However, the commodities and finished industrial products still account for a small slice of total export revenue.
Authorities are currently drafting a national export strategy for Myanmar.
