Business

Bangladesh-Myanmar trade on the rise


Published : 12 Jul 2022 08:22 PM

The bilateral trade between the two neighbouring countries Bangladesh and Myanmar has been on rise, according to the sources.

The trade between Bangladesh and Myanmar recorded at 164.07 million US dollars with Myanmar enjoying the trade balance during the period of 2021, according to the United Nations COMTRADE database on international trade.

Myanmar exports to Bangladesh stood at US$125.32 Million during 2021, according to the United Nations COMTRADE database on international trade. The data of Myanmar exports to Bangladesh was last updated in July of 2022.

Bangladesh exports to Myanmar stood at US$38.75 million during 2021, according to the United Nations COMTRADE database on international trade. The data of Bangladesh’s export to Myanmar was last updated in July of 2022.

Sources said that trade volume between two countries suffered in the last fiscal year 2020-21. But even after that, bilateral trade, especially through land ports, is expected to jump over 225% after the completion of the current fiscal 2021-22, according to sources.

The volume of trade between two countries stood at 185,822.28 tonnes during the July-March period of FY21.

Current trend shows that bilateral trade volume is likely to reach 250,000 tonnes by June 30, 2022

The bilateral trade between the two countries stood at 78,257.44 tonnes as against 202,453 tonnes in FY20.

Goods are being handled through 400-500 cargoes every month, while 2,500-2,600 trucks carry the goods.

Myanmar primarily exports dry fish, chilled fish, ginger, onion, burma teak wood, Garjan wood, plum pickle, red chilies and coconut to Bangladesh.

Bangladesh exports fresh potatoes, cement, apparel, textile wastage, soft drinks, biscuits, live eels and fish to Myanmar.                      

President of Bangladesh-Myanmar Chamber of Commerce and Industry SM Nurul Hoque said that trade between Bangladesh and Myanmar is being [rimarally completed  through the United Land Port Teknaf Limited (ULPTL).

Situated on 27 acres of land on the banks of the Naaf River at the southernmost point of Bangladesh, the ULPTL is a port of transit for goods between Bangladesh and Myanmar.

“Winning a tender in 2006 from Bangladesh Land Port Authority enabled us to control operations and management of the port while also signing concession agreement and land lease agreement with the same,” said an official.

The volume of trade between Bangladesh and Myanmar stood at 74,743 tonnes in FY13, 101,815 tonnes in FY14, 77,654 tonnes in FY15, 76,665 tonnes in FY16, 75,359 tonnes in FY17, 162,578 tonnes in FY18 and 109,248 tonnes in FY19.

In 2007, almost 78,000 tonnes of cargo carried goods, with the same being about 155,000 tonnes in 2008 – a staggering 199% growth in cargo handling capacity and capabilities within the span of a year.

Myanmar's Investment and Foreign Economic Relations Ministry has set a target of 1.5 billion U.S. dollars for total foreign investment in the current 2022-2023 fiscal year (FY), Union Minister U Aung Naing Oo said on Thursday. Myanmar is planning to attract foreign investment by making priority developments in petrochemical and energy projects, power and construction among others, he told a press conference.