Myanmar’s external trade as of 1 November in the current fiscal year reached US$3.19 billion, an increase of $417 million compared to the corresponding period of the 2018-2019 fiscal year, according to the Ministry of Commerce.
In the previous FY, trade stood at $2.78 billion.
Between 1 October and 1 November, 2019, both maritime and border trade showed a rise of around $400 million compared with the year-ago period. Myanmar’s exports were estimated at $1.57 billion, and imports were valued at $1.6 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, according to the Ministry of Commerce. – GNLM
(Translated by Ei Myat Mon)