The value of bilateral trade between Myanmar and Germany in the first quarter (Oct-Dec) of the 2018-2019 fiscal year reached a peak of US$172.87 million, with exports worth $130.8 million and imports valued at $42 million, according to statistics released by the Ministry of Commerce.
Germany ranked as Myanmar’s top trade partner in the European Union with the largest value of trade, followed by UK with trade value of $113.9 million. France was listed third with trade of $105 million, while the Netherlands and Spain were placed fourth and fifth, respectively, with trade values of over $100 million. The value of trade with the remaining EU countries was less than $65 million each. Moving beyond regional trade, Myanmar has established trade links with EU member countries. The EU is currently Myanmar’s sixth largest trading partner.
Myanmar mainly exports rice, pulses, tea leaves, coffee, apparel made by the garment sector on a cut-make-pack basis, and fisheries, and imports cosmetics, food and beverages, and consumer goods.
Myanmar was reinstated in EU’s Generalized Scheme of Preference on 19 July, 2013. Myanmar enjoys GSP in export of fisheries, rice, pulses, agro products, bamboo and rattan finished products, forestry products, apparels, and finished industrial goods.
In January, the EU restored its tariff on Myanmar’s Indica rice to protect European rice producers.
The value of trade between Myanmar and Germany totalled $373 million in the last mini-budget period, $584 million in the 2017-2018FY, $342 million in the 2016-2017FY, $153 million in the 2015-16FY, $147 million in the 2014-2015FY, $123 million in the 2013-2014FY, $187 million in the 2012-2013FY, and $137 million in the 2011-2012FY.
EU member countries have invested in petroleum and natural gas enterprises, manufacturing, transportation, hotels and tourism, and livestock businesses in Myanmar.