Consumer goods imports up over $466 million since last April

IMG 6900 An ocean liner carrying containers is seen in the Yangon River. Photo Nyi Zaw Moe
An ocean liner carrying containers is seen in the Yangon River.  Photo:Nyi Zaw Moe

Myanmar’s import of consumer goods was valued at US$3.928 billion in the current fiscal year (FY), which showed an increase of $466 million compared with the same period last FY, according to the statistical report released by the Ministry of Commerce.
From last April through mid-February this year, the private sector bought $3.807 billion worth of products from overseas trade partners, while imports by the public sector amounted to $121 million. At the same time last year, the country’s imports of consumer goods were valued at $3.461 billion, including $53 million from the public sector and $3.408 billion from the private sector.
When compared with the same period last FY, imports of consumer goods by the private sector increased by $398 million, whereas imports of the same products by the public sector also rose by $67 million.
According to the ministry’s import figures, as of 16 February, the country earned some $16.212 billion from the import of capital goods, intermediate goods and consumer products. The country’s imports are always greater than its exports, causing a trade deficit. To reduce the growing trade deficit, the government is seeking the best solutions in collaboration with private businesspersons.

 

Swe Nyein

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