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Higher exports help cut trade deficit to $9 mln

LOCAL NEWS

Higher exports have helped narrow Myanmar’s trade deficit to US$9 million in the three months since October in the current financial year, a significant drop from a trade gap of $980.7 million registered in the corresponding period of the 2018-2019FY, according to data provided by the Ministry of Commerce.
Between 1 October and 27 December, Myanmar’s external trade increased to over $9 billion from $7.7 billion recorded in the year-ago period. While exports were estimated at $4.56 billion, imports were valued at $4.57 billion. Compared to the previous fiscal, exports showed an increase of $1.19 billion, while imports climbed up by $225.6 million.
Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, intermediate goods, CMP raw materials, and consumer 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 government is trying to cut the trade deficit by screening luxury import items and boosting exports.
Myanmar’s trade deficit was pegged at $1.14 billion in the 2018-2019 FY, $1.3 billion in the last mini-budget period (April-September, 2018), $3.9 billion in the 2017-2018FY, $5.3 billion in the 2016-2017FY, and $5.4 billion in the 2015-2016FY, according to statistics released by the Central Statistical Organization. —Mon Mon (Translated by Ei Myat Mon)

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