Myanmar’s border trade with Bangladesh slumps

By Admin 03 Aug 2023

DMG Newsroom
3 August 2023, Sittwe
 
Myanmar’s border trade with Bangladesh has declined by 60 percent compared with the same period last year after Bangladesh imposed a limit on imports of freshwater fish from Myanmar four months ago, the Rakhine State Chamber of Commerce and Industry (RSCCI) said on Thursday.
 
Trade between the two countries from April to July in the fiscal year 2023-24 stood at US$4.5 million, down from US$11.51 million over the same period in the fiscal year 2022-23.
 
“Bangladesh’s demand for freshwater fish has declined since April, and export value has declined as a result. The demand for ginger has increased, on the other hand,” said the RSCCI statement.
 
Freshwater fish exports account for 70 percent of bilateral trade between Myanmar and Bangladesh, according to local merchants in Arakan State.
 
“Freshwater fish is not being exported from Sittwe, and only a small amount of freshwater fish is exported from Maungdaw. Trade has badly declined,” said a merchant from the Sittwe border trade zone.
 
Myanmar’s border trade with Bangladesh via Arakan State had already taken a hit due to Cyclone Mocha, which made landfall over the coastal state in western Myanmar in mid-May. The trade restrictions imposed by Bangladesh have exacerbated the issue.
 
“Previously, we could export as much fish as we liked. I heard Bangladesh has limited imports because its foreign currency reserves are dwindling. Exports are also affected by mandatory currency conversion,” said a fish merchant from Maungdaw border trade camp.
 
Freshwater fish exports to Bangladesh have declined by as much as 85 percent compared with pre-cyclone levels. Currently, only one motorboat full of freshwater fish is exported to Bangladesh every three days.
 
Rohu is the primary export to Bangladesh in that category, and is purchased from Yangon and Ayeyarwady regions for export. Currently, apart from Rohu, small volumes of ginger, tamarind seeds and plum jam are exported to Bangladesh.
 
Myanmar exported US$3.57 million worth goods and imported US$880,000 worth of goods from Bangladesh from April to July, according to RSCCI.
 
Bilateral trade between the neighbouring nations takes place through border trade camps in Maungdaw and Sittwe.