Myanmar's foreign trade is estimated to reach 5.4 billion U.S. dollars in the just-ended fiscal year of 2005-06 (April-March), the highest in 17 years since 1989 when the country began to switch to the market-oriented economy, reported the Myanmar Times on Monday.

The export in the year is expected to reach up to 3 billion dollars, while the trade surplus is estimated to decrease to 600 million dollars, down from 2004-05's 954 million dollars, the paper said.

In 2004-05, the country's exports were valued at 2.9 billion dollars, while its imports stood 1.9 billion dollars out of its total foreign trade volume of 4.9 billion dollars.

The commerce authorities attributed the increase of the trade volume in 2005-06 to the rising of prices for Myanmar goods, such as beans and pulses in the international market. The increased productivity in the agricultural sector also represented a contributing factor, which has doubled compared with that before 1988.

Myanmar has enjoyed a trade surplus in the past four consecutive years since 2002-03 despite fluctuation of the trade volume, which jumped from 3.8 billion dollars in 2000-01 to 5.07 billion dollars in 2001-02, to 5.3 billion dollars in 2002-03, down to 4.5 billion dollars in 2003-04 and picked up to 4.9 billion dollars in 2004-05.

According to official statistics, in 2004-05, the private sector accounted for more than 85 percent in its exports and more than 80 percent of the gross domestic product which grew to 12.2 percent in the year from 12 percent in the previous year.

Myanmar has set a target of 1.5 billion dollars of bilateral trade with China, 1 billion dollars with India and 50 million dollars with Vietnam in the 2005-06.

Source: Xinhua