Export Revenue Increases By U.S.$115.6 Million

 


Exports in the first quarter of the fiscal year 2020 compared to in the previous fiscal year, export revenue increased by 115.6 million USD or 16 percent and a total of US $ 838.6 million was earned, according to the Ministry of Trade and Industry (MoTI).


The mining sector has achieved 300 percent of the plan and 205 million USD earned. The industrial sector earned 95 percent and 94 million USD, while agricultural products earned 73 percent and 541 USD respectively, said MoTI.


It is stated that the export Products contract registration and implementation of export contracts then major contribution to the improvement of export trade.


Establish a responsible and accountable contract registration system for export contracts; to prevent improper storage of a product; it has made commodity trading more compatible with the global market and has led to improved prices for commodities.


On the other hand, the lack of coordination between the federal and state governments, the opening of the door to illegal trade, the high volume of production by suppliers, the reduction of international commodity prices; Inadequate shopping malls and weakening of border smuggling and illegal trade are said to be the main reasons. It is said that it will work together to eliminate these problems and increase the country export revenue.


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