Myanmar's foreign trade up over 30% in first half of 2007-08

YANGON, Feb. 22 (Xinhua) -- Myanmar's foreign trade in the first half of the fiscal year 2007-08 (April-September) was up 30.46 percent, reaching 5.049 billion U.S. dollars compared with the same period of 2006-07, according to the latest figures from the Central Statistical Organization.

Its export during the period amounted to 3.596 billion dollars, while its import took 1.453 billion dollars, enjoying a trade surplus of 2.143 billion dollars.

The trade surplus gained during the six-month period was attributed mainly to the export of natural gas which earned 1.531 billion dollars, accounting for 42.5 percent of the total export.

Myanmar's foreign trade volume hit nearly 8 billion dollars in 2006-07, registering a record high in 18 years since 1989. The foreign trade during that year was up 42.9 percent from 5.54 billion dollars in 2005-06, gaining a trade surplus of 2.08 billion dollars.

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

Myanmar's foreign trade dropped gradually to 4.5 billion dollars in 2003-04 and to 4.9 billion in 2004-05.

Due to increased export of natural gas as well as effective administration of the Trade Council over export price quotations, Myanmar's foreign trade picked up to 5.54 billion dollars in 2005-06 and then to 7.92 billion dollars in 2006-07, according to reports.

Myanmar's other main export goods are agricultural, marine and forestry products, while its key import goods are machinery, crude oil, edible oil, pharmaceutical products, cement, fertilizer and consumers goods.