Import value of consumer products drops by $130 mln this FY

The value of imported consumer products stood at nearly US$ 3 billion between 1 October and 20 August in the current financial year 2020-21, a sharp drop of $128 million, according to the statement released by the Ministry of Commerce.
In 10 months of this FY period, the import of consumer products reached $2.922 billion. The import value of consumer products saw a significant decrease by over $128.942 million, compared to the corresponding period of last FY 2019-2020 when it was $ 3.051 billion.
Myanmar primarily imports personal goods, luxury products, construction materials, agricultural machinery, raw materials, household goods and CMP raw materials from its neighbouring countries. The value of imported consumer products reached 2.92 billion, including $23.013 million through the government sector and $2.899 billion through the private sector.
The import value was $1.245 billion in the 2011-12 FY, $1.4 billion in the 2012-13 FY, $2.3 billion in the 2013-14 FY, $2.9 billion in the 2014-15 FY, $3.5 billion in the 2015-16 FY, over $4 billion in the 2016-17 FY, over $4.42nbillion in the 2017-18 FY, over $2.65 billion in the 2018 mini budget FY, over $4.85 billion in the 2018-19 FY and over $4.86 billion in the 2019-20 FY.
For the financial year 2020-2021 (up to August), Myanmar’s foreign trade exceeds $15.7 billion, down 26 per cent from the same period last year, according to Ministry of Commerce.—MNA