External trade crosses $13 bln as of Jan-end


Myanmar external trade between 1 October and 31 January in the 2019-2020 financial year reached US$13.1 billion, an increase of $1.78 billion compared to the corresponding period of the 2018-2019 fiscal, according to the Ministry of Commerce.
During the same period in the previous FY, trade stood at $11.3 billion, according to data released by the ministry.
Myanmar foreign trade has shown a 10 per-cent increase, year over year, under the incumbent government’s term, said an official from the ministry.
Both maritime and border trade showed an increase in the current fiscal compared with the year-ago period, with exports estimated at over $6.1 billion, and imports valued at $6.98 billion.
Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods. The country’s export sector relies more on the agricultural and manufacturing sectors. Export earnings from the CMP (cutting, making, and packaging) garment businesses are rising, while reliance on natural resources, such as natural gas and jade, is lessening. The government is trying to reduce the trade deficit by screening luxury import items and boosting exports. Higher exports have helped trim the trade deficit in the current fiscal, according to the Commerce Ministry.—GNLM (Translated by Ei Myat Mon)

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