Private sector import of consumer goods tops $4.1 billion

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An ocean liner carrying containers is seen in the Yangon River.  Photo: Phoe Khwar

THE total import value of consumer goods reached US$4.3 billion, including $131 million through the government sector and $4.180 billion through the private sector, according to the statistical report of the Ministry of Commerce.
The current import value increased by $325 billion as compared with the same period one year earlier when the country imported consumer goods worth $3.986 billion.
Between 1 April of last year and 23 March of this year, the consumer goods imported by the private sector went up by $265 million whereas the public sector import of the similar products increased by some $60 million.
The import of consumer goods continues to increase each year. The import value was $1.245 billion in the 2011-2012 FY, $1.4 billion in the 2012-2013 FY, $2.3 billion in the 2013-2014 FY, $2.9 billion in the 2014-2015 FY, $3.5 billion in the 2015-2016 FY, and $4.126 billion in the 2016-2017 FY.
Myanmar chiefly imports luxury products, personal goods, construction materials, agricultural machinery, raw materials, household utensils, food items and electronic devices from neighbouring countries.
Myanmar’s major international trading partners are China, Thailand, Singapore, India, Japan, Hong Kong, Korea, Malaysia, Germany, Indonesia, the United States and the United Kingdom.
The country’s imports are always greater than its exports, causing a trade deficit. To reduce the growing trade deficit, the government is seeking the best solutions in collaboration with private businesspersons.

 

Swe Nyein

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