November 07, 2016

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External trade value hit over US$15billion

Containers are seen at Botahtaung Jelly in Yangon. Photo: Phoe Khwar
Containers are seen at Botahtaung Jelly in Yangon. Photo: Phoe Khwar

The value of external trade as of 28th October in this fiscal year 2016-2017 reached over US$15billion, very close to that of last fiscal year, according to statistics from the Ministry of Commerce.
The trade value from 1st to 28th October in this fiscal year was US$15,067.626million, and in the same period last fiscal year was US$15,140.136million, a difference of only US72.510million.
The value of exports as of 28th October in this fiscal year amounted to US$6,515.886million, with imports worth US$8,551.740million, resulting in a trade deficit of US$2,035.854million.
External trade is carried out through normal trade and border trade. The value of sea trade in the same period in the 2016-2017 fiscal year was US$ 10,917.883million, while that of border trade was US$4,149.743million, it is learnt.
To reduce the trade deficit, there is a plan to scrutinise luxury import products, except for essential items, according to the second five-year national development plan.
There were trade deficits of US$91.9million in 2012-2013, US$2,555.5million in 2013-2014, US$4,912.559million in 2014-2015 and US$5,407.464million in 2015-2016 respectively, according to the statistics released by theCentral Statistical Organization (CSO). About US$3.1billion is expected to show in trade deficit in this fiscal year, it is learnt from the Planning and Finance Ministry.—Ko Htet

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