External trade value as of 2nd December in this fiscal year 2016-2017 totaled US$17,521.102million, with US$2,792.774million in trade deficit, according to the Commerce Ministry.
In the similar period of last fiscal year, the external trade value was US$18,209.307million with a trade deficit of US$3,888.887million. The trade value this year slumped by US$688.250million when compared to last year.
Out of external trade value of US$17,521.102million as of 2nd December in this fiscal year, the export value was US$7,364.164million and import value amounted to US$10,156.938million.
In the same period, the value of export through normal trade reached US$ 4,439.946million, whereas the value of import through normal trade was US$8,333.422million.
Meanwhile, the values of export through border trade hit US$ 2,924.218million, whereas the import value via border trade hit US$1823.516million, according to the statistics of the Ministry of Commerce.
Myanmar exports agricultural products, livestock, fishery products, forest products, minerals, manufacturing and other products while capital goods, consumer goods and raw industrial products are imported into Myanmar.
The government is trying to reduce the trade deficit by lowering the imported items, except for essentials, 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 the Central Statistical Organization (CSO). About US$3.1billion is expected to show as trade deficit in this fiscal year, it is learnt from the Planning and Finance Ministry. —Ko Htet