Maritime trade down by over $50 million

16 April 2019
Maritime trade down by over $50 million
A cargo ship passes through the Yangon river at the Alone international terminal port in Yangon, Myanmar. Photo: Nyein Chan Naing/EPA

Myanmar’s maritime trade as of 29 March this 2018-2019 Fiscal Year has touched US$12.09 billion, down by over $50 million or 0.44 per cent, matched against the corresponding period of the last FY, according to the Ministry of Commerce, state media reported.

In the first six months of this FY, the country’s total maritime exports include almost US$4.6 billion in exports and nearly $7.5 billion in imports. During the same period in the previous FY, Myanmar’s maritime trade stood at $12.14 billion, with exports worth about $4.2 billion and imports worth $7.9 billion. When compared with the corresponding period last FY, this FY saw an increase in value of exports by $400 million, however, import value declined by over $460 million.  Roughly 80 per cent of the country’s total trade is conducted through the maritime routes.

According to the ministry, Myanmar’s maritime trade stood at $14.6 billion in the 2012-2013FY, $20.375 billion in the 2013-2014FY, $22.369 billion in the 2014-2015FY, $20.56 billion in the 2015-2016FY, $21.432 billion in the 2016-2017FY, and $25.019 billion in the 20172018FY. In the 2018 six-month mini-budget period between April and September, the country shipped goods worth $14.231 billion via sea. Also, the country delivered commodities valued at $4.8 billion to partner countries through its border points of entry during the period. The number increased by $191 million in comparison with last FY.