Myanmar-Singapore bilateral trade reaches $1.86 bln

Myanmar-Singapore bilateral trade reached 1.86 billion U.S. dollars in 2009-10 fiscal year which ended in March, according to the latest figures of the government' s Central Statistical Organization.

Of the total, Myanmar's export to Singapore amounted to 671 million dollars, while its import from the Southeast Asian member stood at 1.198 billion dollars, suffering a trade deficit of 4 million dollars.

Singapore rose to the second position from the fifth in Myanmar 's exporting countries line-up after Thailand to replace India, which declined to the third in 2008-09.

Singapore used to export to Myanmar electronic goods, construction materials, fertilizer and steel products.

In 2008-09 fiscal year, the two countries' bilateral trade hit 1.91 billion U.S. dollars, of which Myanmar's export to Singapore took 858.95 million dollars, while its import from Singapore stood 1.05 billion dollar, suffering a trade deficit of 198.96 million dollars.

Myanmar's foreign trade is mainly with Asian countries, which account for 90 percent of the total. The trade with other member countries of the Association of Southeast Asian Nations (ASEAN) represents 51.3 percent. The remaining are with European countries with 4.8 percent and American countries 1.5 percent.

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

Source:Xinhua