Myanmar’s exports between 1 October and 15 May in the 2019-2020 financial year shot up to US$11.23 billion from $10.5 billion registered in the corresponding period of the previous fiscal, indicated the data by the Ministry of Commerce.
The figure reflects an increase of $730.9 million compared with the year-ago period.
Of the seven export groups, agriculture, fisheries, minerals and other goods showed an increase in exports. Meanwhile, exports of livestock, forest products and finished industrial goods declined.
Export values were registered at $2.6 billion for agro products, $60.6 million for livestock, $612.7 million for fishery products, $1.2 billion for minerals, $98 million for forest products, $5.8 billion for manufactured goods, and $786.98 million for other goods.
The country’s export sector relies more on the agriculture and manufacturing sectors. While export earnings from the CMP (cut, make, and pack) garment businesses are increasing, the country’s reliance on natural resources, such as natural gas and jade, is decreasing.
The CMP garment sector which contributes to 30 per cent of Myanmar’s export sector is struggling because of the cancellation of order from the European countries and suspension of the trade by western countries. It can harm the export sector to a certain extent, the businesspersons pointed out.
The Ministry of Commerce is focusing on export promotion in order to reduce the trade deficit. Since 2011, the Ministry of Commerce has adhered to its reform policy. A series of moves to liberalize and open the economy have been introduced through policy development to improve the trade environment.— Ko Khant (Translated by Ei Myat Mon)