Home Insider Insider News Myanmar-India Border Trade Surpasses $24 Million

Myanmar-India Border Trade Surpasses $24 Million

Border trade between Myanmar and India in the first two months of the current financial year hit $24.46 million, resulting in a year-0n-year increase of $11.87 million, according to the Ministry of Commerce.

The ministry statistics show that the value of Myanmar’s exports to India amounted to $21.25 million while the import value from India stood at $3.212 million during the first 62 days of this budget year that runs from April 2018 to September 2018.

Myanmar’s export items to India include areca nuts, ginger, saffron, turmeric, bay leaves and other fruits and vegetables, fishery products and forest products while it mainly imports medicines, oil cakes, electronic products, motorbikes, cotton yarn, non-alloy steel and other construction materials from India. The two countries perform border trade mainly through camps at Tamu and Reed townships.

Last year, Myanmar reset its financial year dates following the agreement at the Union Government Meeting No. 17/2017 that took place on September 7, 2017. Its former financial year runs from April 1 to March 31, and the country changed the dates from October 1 to September 30 starting from 2018. Entered into border trade agreements with four out of its five neighbouring countries – China, India, Thailand and Bangladesh, Myanmar has set up a total of 16 border trade posts at Muse, Lwejel, Kan Pike Tee, Chinshwehaw, Myawaddy, Tachileik, Kyaingtone, Tamu, Rhi, Myeik, Kawthaung, Htikhee, Mawtaung, Sittwe, Maungdaw and Maesae.