Exports shoot up by $976.57 mln in current fiscal

LOCAL NEWS

Myanmar’s exports between 1 October and 13 December in the current fiscal year rose sharply to US$3.81 billion from $2.84 billion registered in the corresponding period of the 2018-2019 fiscal year, according to data from the Ministry of Commerce.
The figure reflects an increase of $976.57 million compared with the year-ago period. Of the seven export groups, agriculture, fisheries, finished industrial goods, and minerals have shown an increase in exports. Meanwhile, exports of livestock, forest products, and other goods have declined.
Export values were registered at $728 million for agro products, $44 million for livestock, $213.69 million for fishery products, $722.6 million for minerals, $35.6 million for forest products, $2 billion for manufactured goods, and $70.8 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 rising, the country’s reliance on natural resources, such as natural gas and jade, is lessening.
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 EMM)

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