THE external trade value for the current fiscal year topped US$22 billion since April, with a trade deficit of over $2.9 billion, according to the Commerce Ministry’s weekly statistical report.
From 1 April to 8 December of this year, total foreign trade value rose by $3.9 billion when compared to the similar period of last year. Imports were $12.497 billion and exports were $9.58 billion, resulting in a trade deficit of $2.916 billion.
The current trade value included over $16.836 billion from normal trade and over $5.241 billion from border trade. Myanmar conducts overseas trade with international trade partners mainly through by sea ports.At present, the country chiefly imports capital goods, intermediate goods and consumer products and exports agricultural products, animal products, minerals and forest products. Efforts have been made by the trade authorities to reduce trade deficit by promoting the country’s export sector.
According to the ministry’s yearly report, the country’s trade deficit was $5.5 billion in FY2016-2017.