Myanmar’s external trade between 1 October and 4 April in the 2019-2020 financial year was registered at US$20.33 billion, an increase of $2.6 billion compared with the corresponding period of the 2018-2019FY, according to the Ministry of Commerce.
During the same period in the previous FY, trade stood at $17.67 billion, according to the data released by the ministry.
Myanmar’s foreign trade has shown a 10-per-cent increase, year over year, under the incumbent government. Myanmar targets to reach total trade value of $34 billion and export is estimated about $18 billion in the current fiscal, said an official from the ministry.
The Ministry of Commerce is endeavouring to boost export, enhance value-added production, reduce export barriers and provide trade financing services.
In the current fiscal, both maritime and border trade recorded an increase compared with the year-ago period, with exports estimated at over $9.4 billion and imports valued at $10.9 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 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. According to the Commerce Ministry, higher exports have helped trim the trade gap in the current fiscal.
At present, the CMP garment sector which contributes to 30 per cent of Myanmar’s export sector is struggling due to 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. —Ko Htet (Translated by Ei Myat Mon)