Sino-Myanmar border trade up $534.9 mln

Sino-Myanmar border trade up $534.9 mln

Sino-Myanmar border trade registered an increase of US$534.9 million between 1 October and 6 December in the current fiscal year, according to the Ministry of Commerce.

Data from the ministry showed the value of Sino-Myanmar border trade rose to $1.36 billion in the current fiscal from $829 million recorded in the year-ago period.

In the current FY, border trade totaled $1.14 billion at Muse, $17 million at Lweje, $122 million at Chinshwehaw, $75 million at Kanpiketee, and $1.94 million at Kengtung.

In a bid to lower trade barriers and offer relief to Myanmar traders using the border trade channel, the Ministry of Commerce, the related departments, and the Union of Myanmar Federation of Chambers of Commerce and Industry have been negotiating with their Chinese counterparts.

The two countries are making efforts to set up more border economic cooperation zones and promote border trade.

The export of agricultural products has been halted often, on account of China clamping down on illegal goods. Myanmar merchants are facing difficulties in exporting goods to China through the legitimate channel as they find the tax levied by China too high.

Therefore, rice confiscation and price manipulation are occurring often at the border. At present, rice is being exported to China through a government-to-government (G2G) agreement and a barter system, in exchange for Chinese goods. Myanmar is exporting about 100,000 rice bags every week, with the Yunnan government’s approval.

Myanmar exports rice, sugar, pulses, sesame seeds, corn, dried tea leaves, fishery products, minerals, and animal products to China, while it imports agricultural machinery, electrical appliances, iron and steel-related materials, raw industrial goods, and consumer goods from the neighboring country.

From: Global New Light