YANGON, Aug 26 (Xinhua): Border trade between Myanmar and India has reached over 61.2 million US dollars as of Aug. 17 during the six-month transitional period which started in April this year, the figures from the Commerce Ministry showed on Saturday.
The country has changed its fiscal year period from original April-March to October-September beginning 2018-2019, producing a six-month transitional gap.
During the period, the country's export to India via border gates amounted to 54 million US dollars while its import shared only 7.2 million US dollars.
The total border trade between the two countries increased by 35.2 million US dollars compared to the same period in last fiscal year 2017-2018 while it showed 26 million US dollars.
The country mainly conducts trade with India through Tamu and Reed border gates.
From April to Aug. 17, Myanmar's border trade with foreign countries totaled over 3.1 billion US dollars , with an increase by 457 million US dollars compared to the same period of last FY 2017-18, according to the figures from the ministry.
Meanwhile, Myanmar's Vice President U Myint Swe has called for efforts to promote export and manage import regulation for trade balance in the country, the official Global New Light of Myanmar reported Saturday.
The vice president stressed the need to boost export of marketable domestic goods and reduce import of goods excluding essential commodities at a Friday meeting between the private sector development committee and entrepreneurs.
U Myint Swe called for joined efforts with local small-and-medium enterprises for import substitution and imports of goods under regulations to see trade balance in the country.
Private sector takes up over 80 per cent of Myanmar's total trade value.
According to official figures, the country's total foreign trade has reached 13 billion US dollars, of which the private sector accounted for 85.47 per cent as of Aug. 10.
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