Myanmar projects 7 bln dollars foreign trade volume in 2006-07

Myanmar has projected a foreign trade volume of 7 billion U.S. dollars in the current fiscal year of 2006-07 which began in April, a 25-percent increase from 2005- 06, said Monday's local weekly Myanmar Times pre-published on Sunday.

Quoting the Ministry of Commerce, the report said trade for the first five months (April-August) plus the first week of September of 2006-07 amounted to 3.4 billion dollars which include both normal and border trade.

Without specifying the imports and exports value, the sources said the export was boosted by strong demand for Myanmar's natural gas, followed by forestry, marine and agricultural products.

During the period, the private sector took up 50 percent of the total trade.

Targeting a record high of 5 billion dollars in exports in 2006- 07, Myanmar's trade surplus could stand around 3 billion dollars.

According to the report, about 70 percent of Myanmar's exports are to member countries of the Association of Southeast Asian Nations, especially Thailand which is a major importer of Myanmar's natural gas.

According to official statistics, Myanmar's foreign trade hit 5. 5 billion dollars in 2005-06, up by over 12 percent from the previous year's 4.9 billion dollars. The export during the year reached 3.554 billion dollars, while the import was valued at 1.9 billion dollars.

A trade surplus of 1.6 billion dollars was gained during the year with over 60 percent more than 2004-05's 954 million dollars.

Myanmar only enjoyed trade surplus in the past four consecutive years since 2002-03, before which it suffered a trade deficit for many years.

Source: Xinhua