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May 21, 2019

Export value this FY increased by US$433 million

Myanmar’s exports so far this fiscal year were worth US$5.41 billion, an increase of $433 million compared to the same period last year, according to the Commerce Ministry.
The country’s exports depended mainly on extractive industries, including gas, teak and marine products in past years. As natural gas exports have declined, Myanmar’s export strategy has become more dependent on agriculture.
This fiscal year, exports finished industrial goods, such as “cut-make-pack” garments were worth $2.58 billion, an increase of $360 million more than last fiscal year, according to the Commerce Ministry.
This sector also absorbed foreign investments of $1.18 billion by the end of August.
Agriculture exports of $1.3 billion was the second leading export sector for Myanmar, including 1.2 million tons of rice and about 800,000 tons of various pulses.
Between 1 April and 1 September, values of import- capital goods, consumer goods and intermediate goods were $7.67 billion, an increase of $1.2 billion over last year.
In total, Myanmar has done $13 billion in trade with a deficit of $2.26 billion.—Mon Mon

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