Myanmar’s trade deficit widens to $1.46 bln in 2019-2020FY

Myanmar’s trade gap has significantly surged to US$1.46 billion in the financial year 2019-2020 from over $1 billion registered in the corresponding period of the 2018-2019FY, according to the data provided by the Ministry of Commerce. Between 1 October and 25 September in the current FY, Myanmar’s external trade increased to over $36.2 billion from $34.3 billion recorded in the year-ago period. While exports were estimated at $17.37 billion, imports were valued at $18.8 billion. Compared to the FY2018-2019, exports showed an increase of $851 million, while imports climbed up by $1 billion. Myanmar’s foreign trade has shown a 10-per-cent increase, year over year, under the incumbent government. 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.
Myanmar’s top export countries are China, Thailand, Japan, Singapore, the US, India, Germany, the Republic of Korea, Spain and the UK. In contrast, it primarily imports from China, Singapore, Thailand, Malaysia, Indonesia, India, Viet Nam, Japan, the Republic of Korea and the US, as per data of the Ministry of Commerce. The country’s export sector relies more on the agricultural and manufacturing sectors. The Ministry of Commerce is endeavouring to boost export under the World Trade Organization’s rules, enhance value-added production and competitiveness, reduce export barriers and provide trade financing services. The government 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 material and supporting products for export promotion and the import substitution. Myanmar’s trade deficit was pegged at $1.14 billion in the 2018-2019 FY, $1.3 billion in the previous 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.
The Ministry of Commerce has adhered to its policy reform depending on the requirements of the State and people. Moreover, a series of trade liberalization and openness for policy development have been introduced for enhancing a more viable trade environment. The private sector plays a prominent role in Myanmar’s market-oriented economic system. The ministry is highlighting free and fair trade, ensuring product safety and quality goods and services.—GNLM (Translated by Ei Myat Mon)

Share this post

Comments

Hot News
Hot News