Myanmar registers trade deficit of $678.226 mln as of 11 November

LOCAL NEWS

Myanmar’s trade gap widened to US$678.226 million between 1 April and 11 November of the current financial year 2022-2023 compared to the year-ago period. Higher exports and lower imports resulted in a trade surplus of $315.991 million in the corresponding period of the 2021-2022FY, according to data provided by the Ministry of Commerce.
While exports were estimated at $10.072 billion, imports were valued relatively low at $10.751 billion over the past seven months. Compared to the FY2021-2022, exports showed an increase of over $1.376 billion, while import value was up by $2.37 billion.
Myanmar’s maritime trade value edged up to $16 billion over the past seven months from $12.29 billion recorded in the same period last year yet the country witnessed a small drop of $62.637 million in border trade as cross-border trade with the main trade partner China has not returned to normal amid the strict virus policy.
Myanmar exports agricultural produce, 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. The Ministry of Commerce is trying to reduce the trade deficit by screening luxury import items and boosting exports. The country mainly imports essential goods, construction materials, capital goods, hygienic materials and supporting products for export promotion and import substitution. —KK/GNLM

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