Trade deficit up two-fold in current fiscal year

Myanmar export sector largely relies on agricultural and manufacturing products.  PHOTO: PHOE KHWAR
Myanmar export sector largely relies on agricultural and manufacturing products.  PHOTO: PHOE KHWAR

Myanmar’s trade gap has significantly widened as of 3 July in the current financial year2019-2020 to more than US$1.8 billion from $890.6 million registered in the corresponding period of the 2018-2019FY, according to data provided by the Ministry of Commerce.
Between 1 October and 3 July in the current fiscal, Myanmar’s external trade increased to over $28.37 billion from $26.75 billion recorded in the year-ago period.
While exports were estimated at $13.28 billion, imports were valued at $15 billion. Compared to the previous fiscal, exports showed an increase of $351.7 million, while imports climbed up by $1.26 billion.
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.
The country’s export sector relies more on the agricultural and manufacturing sectors. While export earnings from the CMP (cut, make, and pack) garment businesses are rising, the country’s reliance on natural resources, such as natural gas and jade, is lessening.
The government is trying to cut the trade deficit by screening luxury import items and boosting exports.
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. —Mon Mon (Translated by Ei Myat Mon)

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