Exports fall by US$72m
Myanmar's foreign trade volume surpassed US$25 billion this fiscal year despite its exports being US$72 million short of the last fiscal year's amount, according to the Ministry of Commerce.
The total trade volume of more than US$25.17 billion included exports of US$10.1 billion and imports of US$15.06 billion made from April 1, 2014 to February 27.
The country's foreign trade volume was expected to surpass its projected amount for the year if average monthly volumes of more than US$2 billion were maintained, said the ministry.
Myanmar currently imports more by sea but exports more through its land borders.
The country heavily relies on a few exports like natural gas, teak, agricultural and marine products.
In the meanwhile, foreign investment has already reached just under US$7 billion this fiscal year, exceeding the amount for 2013-14, according to Directorate of Investment and Company Administration.
Foreign investment in 2013-14 was US$4.1 billion.
Most foreign investment went into the energy sector. The smallest amount went into the construction sector.
The government is trying to attract investment into its most labour-intensive sectors, according to Myanmar Investment Commission.
Industrial products top export list
Among Myanmar's seven major export categories, industrial finished products have earned the most income, according to the Ministry of Commerce.
The seven categories are: agricultural and fishery products, animal products, mineral extractions, forest products, industrial finished products and others.
Industrial goods such as gas and garments have brought in US$5 billion this fiscal year, which is more than each of the other sectors.
Agricultural products earned $2.3 billion, animal products $7.3 million, fishery $376 million, minerals $1.4 billion, forest products $76 million and goods exported under the 'others' category $783 million.
The country's export strategy depends heavily on natural resources such as gas, teak, farm and marine products.
Last year's signature export product was natural gas, which alone earned over $3 billion, according to ministry figures.
Myanmar's exports are transported through land border routes and sea lanes; the latter accounts for more trade volume.
Myanmar operates border transactions with China, Thailand, India and Bangladesh
