International trade scores big win in mini-budget period

Value of external trade increases $18.34 billion in the past six months this year. Photo : Phoe Khwar
Value of external trade increases $18.34 billion in the past six months this year. Photo : Phoe Khwar

Myanmar’s external trade with foreign countries from 1 April to 30 September of the past mini-budget period showed a significant increase of US$2 billion compared to the same period last fiscal year 2017-2018.
External trade in the past six months amounted to $18.34 billion, which increases from $16.3 billion of last FY. This includes an estimated $8.5 billion in exports and $9.8 billion in imports. The trade deficit narrows to $1.3 billion from 1.86 billion of last FY.
Myanmar exported agricultural products, animal products, minerals, forest products, finished industrial goods whereas capital goods, raw industrial materials and consumer goods were imported into the country.
The country’s export sector is more depending on the agriculture and manufacturing sectors. Export earning from the CMP (cutting, making and packaging) garment businesses are rising while lessening its reliance on natural resources such as natural gas, jade. The government is trying to reduce trade deficit by screening luxury import items and boosting export. Trade via the sea route brought in $14.1 billion, whereas border trade earned $4.2 billion, according to data from the Ministry of Commerce. — GNLM

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