Guangdong’s Import and Export to Myanmar Sees A Year-on-year Rise of 10% in 2019
According to Guangzhou Customs, figures indicate that Guangdong's import and export to Myanmar has reached a value of 11.84 billion yuan, an increase of 10% year-on-year, exceeding the import and export growth rate of Guangdong to ASEAN. This growth ranks fourth position among Guangdong’s import and export growth to all ASEAN countries.
Since 2016, Guangdong’s import and export to Myanmar has maintained the positive growth for 4 years in a row, and the trade volume has increased from 7.62 billion yuan to 11.84 billion yuan, with a cumulative growth of 55.3%, indicating that Guangdong's trade with Myanmar is flourishing.
In 2019, Guangdong’s export to Myanmar reached a value of 10.24 billion yuan, growing by 9% compared to that in 2018. The electrical and electronic devices account for 35.5% and among which, mobile phones are extremely popular with its export reaching 1.62 billion yuan, growing by 19.5% year-on-year. The labor-intensive products account for more than 20%, with a growing rate of 52.9%, among which the export value for textile and garment is 1.33 billion yuan, increasing by 51.2% year-on-year.
In terms of import, trade is still increasing despite the volume being relatively low. Guangdong imported 1.6 billion yuan from Myanmar in 2019, growing by 17.1% year-on-year, among which the import for rice took up over 30%, manifesting Cantonese citizens’ love for Burmese rice. It is worth noting that private enterprises are the largest trading entities among Guangdong’s trade with Myanmar as they are responsible for nearly 70% of the import and export value. In its trade with Myanmar, Guangdong has fully demonstrated its characteristics and advantages when it comes to electrical and electronic manufacturing as well as developing labor-intensive industries and active private capital.
Guangzhou Customs expressed that as China and Myanmar are deepening the comprehensive strategic cooperation, it can be predicted that the bilateral trade would expand continuously, further promoting the exchange and cooperation in economy and culture.
Source: People's Daily, presented by www.KateChanResearch.com.cn.