Nay Pyi Taw, May 2 (IANS) Myanmar’s border trade was down by over $24 million in April, the first month of fiscal year 2016-17, according to official figures of commerce ministry on Monday.
The border trade for nearly one month stood at $147.433 million while that of the same period of the fiscal year 2015-16 was $171.877 million, Xinhua news agency reported.
The border trade was down due to some temporary restrictions by China on some items including rice and re-exported sugar.
Meanwhile, traffic jam on the route to Muse, a border trade zone between Myanmar and China, slowed down trade activities, Maung Aung, former advisor to the commerce ministry, said.
At present, Myanmar’s officials are trying to expand the route, he added.
Minister for Commerce U Than Myint outlined plan to boost the country’s export volume three time higher within five years at a meeting with exporters in April.
The border trade value between Myanmar and China through Muse border trade zone reached $86.663 million for nearly one month of the fiscal year 2016-17 while the same period of the fiscal year 2015-16 was $118.597 million.
There are 15 border trade zones in Myanmar which link China, Thailand, India and Bangladesh. Of them, Muse border trade zone has the maximum trade value.