Bean restrictions to hit overall exports

Writer: 
EMG
A container jetty in Yangon. (Photo-Aung Myo Thant)

Restrictions on bean sales to India may harm overall export figures this fiscal year, according to Yan Naing Tun, the director-general of the trade department at the Commerce Ministry. 

Now we have already exported around 800,000 tonnes of beansup around 80,000 tonnes on the same period last year. But bean exports are expected to decline this year due to the recent restrictions,” he added. 

Efforts would be made to export other pproducts and expand the market, Yan Naing Tun said.  

“This year’s total trade has increased by US$1.7 billionWe are trying to hit our target. Last year, export earnings from gas decreased by around US$1.billion. Export earnings increased by around US$2 billion as wexported alternative products to cover it,” he continued. 

Until September 1 of this fiscal year, overall trade exceeded US$13 billionup over US$1.6 billion on the same period last year.

Trade is expected to reach US$29 billion this financial year with exports of US$14 billion and imports of US$15 billion. A trade deficit of US$1 billion was expected in the 2017-18 budget.