THE value of Myanmar’s maritime trade between 1 April and 27 May in the current financial year 2022-2023 surged to US$3.7 billion, reflecting a significant increase of $959 million, according to the Ministry of Commerce.
Sea trade rose from $2.755 billion during the year-ago period, according to the Ministry of Commerce.
While maritime exports were valued at $1.5 billion, imports were registered at $2.2 billion. Both exports and imports have risen as against the yearago period.
Myanmar’s sea trade generated $19.8 billion out of an overall trade value of $29.5 billion in the previous FY2020-2021, the Ministry of Commerce’s statistics indicated.
Terminals in Yangon Port received over 250 cargo ships in the past five months (January-May), according to Myanma Port Authority.
The turnaround time at the Port was designated as approximately three days, under the guidance of the Myanma Port Authority and the cooperation of the ocean liners, exporters and importers. Therefore, the arrival of the ships has increased.
Myanmar Port Authorities and Yangon inner terminals are providing services to ensure the fast and reliable cargo handling and withdrawal of the containers for trade flow to return to normalcy.
Earlier, the larger ships have draft problems preventing their sailing on the Yangon River. The draft extension is up to 10 meters with the new navigation channel accessing to inner Yangon River.
Myanmar exports agricultural products, fishery products, minerals, livestock, forest products, finished industrial goods, and other products, while it imports capital goods, consumer goods, and raw industrial materials.
The country currently has nine ports involved in sea trade. Yangon Port is the main gateway for Myanmar’s maritime trade and includes the Yangon inner terminals and the outer Thilawa Port. — KK/GNLM