Myanmar border trade merchants say that trade fell in the first two months of this FY 2023-24 because of tighter restrictions on border trade.

After the new policy of mandatory exchange of earnings from export in border trade to the prescribed limit to Myanmar Kyats was imposed by the Central Bank of Myanmar (CBM), the export of rice and broken rice to China at the Muse border trade post has been stopped for nearly three months since March this year.

Previously daily trade value at this Muse border trade post was nearly US$15 million and it was between US$5 to 6 million during the COVID-19 pandemic but now it has fallen to just over US$3 million a day.

In this new fiscal year from 1 April to 19 May, the total trade value from sea trade and border trade is over US$1,590 million and it was over US$2,030 million in the corresponding period of last fiscal year.

In the import sector in this fiscal year until 19 May, the trade value is over US$2,440 million. It was over US$2,040 million in the last corresponding period, so this year imports were over US$400 million more than the same fiscal period last year.

Business persons commented that the increase in imports suggested more imports of electric vehicles and accessories for these EVs.

Myanmar exports agricultural products, fishery products, livestock and livestock products, metal and minerals, finished products of the manufacturing sector and CMP garment products. It imports EVs and accessories, general merchandise, pharmaceutical products, cement, fertilizers and capital goods.