Myanmar’s trade deficit hits nearly $5 billion in 2014-15 FY

Imports of capital goods into Myanmar constitute 40-45 percent of the  country’s trade deficit in the 2014-2015 FY while the imports of oil stand at 30 percent  and consumer goods 20 per cent), according to data of Ministry of Commerce.—Photo Aye Min Soe
Imports of capital goods into Myanmar constitute 40-45 percent of the country’s trade deficit in the 2014-2015 FY while the imports of oil stand at 30 percent and consumer goods 20 per cent), according to data of Ministry of Commerce.—Photo Aye Min Soe

Yangon, 1 April — Myanmar’s trade deficit in fiscal 2014-2015 reached more than $4.9 billion on a trade volume of more than $27.77 billion, according to Ministry of Commerce figures.
Myanmar imported goods worth more than $16 billion and exported goods worth more than $11 billion in the 2014-2015 fiscal year, beginning 1 April and ending 31 March.
Of total exports, normal trade accounted for $7,224.121 million, decreasing $896.667 million compared with normal trade for the same period of the 2013-2014 fiscal year, while border trade comprised $4,221.176 million, increasing $1,517.770 million.   Of total imports, normal trade accounted for $13,998.579 million, while border trade stood at $2,336.771 million.
Myanmar mostly exports agricultural produce, animal by-products and fishery products, as well as mine and forest products, while it imports consumer products, raw materials and investment goods.
To tackle the trade deficit, the government is planning to implement the National Export Strategy, which focuses on seven sectors — rice, peas and pulses, fisheries products, textiles, timber and forest products, rubber, and tourism.
Implementing the NES is expected to cost $900 million over five years, said an official who participated in the workshop for its implementation in Yangon on 30 March.
The Ministry of Commerce will give priority to export sectors in an attempt to boost the country’s economy, said U Win Myint, Union Minister for
Commerce, at parliament recently. GNLM

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