Tuesday, July 24, 2012

Burma reports foreign trade earnings

Tuesday, 24 July 2012 13:27 Mizzima News    

Burma’s income from foreign trade hit nearly US$ 5 billion from April to June, local media reported on Tuesday.

Of the foreign trade, over $1billion came from border trade, the Ministry of Commerce said, according to an article in Weekly Eleven on Tuesday. Of the total trade volume, exports amounted to $ 2.37 billion while imports amounted to $2.41 billion.

An offshore natural gas field in Burma operated by the Korean firm Daewoo International. Photo: Daewoo International

Natural gas topped the country's exports with nearly $ 800 million followed by agricultural produces, gem, forest and marine products. Meanwhile, fuel stood first in its imports, followed by raw textile products, machinery and spare parts, palm oil, motor vehicles, iron and steel, plastic products, pharmaceutical products and food and beverage. In the fiscal year 2011-12, Burma’s foreign trade reached $18.15 billion U.S. dollars, with exports at $9.09 billion and imports at $9.053 billion.

In the Asia-Pacific region, Burma ranks second behind Indonesia in gas exports, according to the Myanmar Oil and Gas Enterprise (MOGE), the state-own company that controls oil and gas investments.

MOGE controls 49 inland blocks and 26 offshore blocks in Mon, Taninthayi and Rakhine regions or states. Foreign companies with investments in Burma’s energy sector include Australia, Britain, Canada, China, Indonesia, India, South Korea, Malaysia, Russia, Singapore, Thailand and Vietnam.

Burma has abundant natural gas resources especially in its offshore area.

In fiscal year 2011-12, it earned $3.56 billion through export of gas, up about $640 million from 2009-10.

Foreign investment in Burma’s oil and gas sector reached $13.815 billion in 104 projects as of the end of November 2011.

Burma’s Energy Ministry has granted seven domestic- owned companies joint venture agreements with international oil companies on nine blocks.

The country is estimated to possess 3.2 billion barrels of recoverable crude oil reserve, according to official statistics.

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