Myanmar’s foreign trade totalled US$5.873 billion in the current transitional fiscal year, registering a trade deficit of over $1 billion, according to the commerce ministry’s weekly report issued on 8 June.
From 1 April through 1 June this year, the country imported $3.477 billion worth of commodities from international traders and exported $2.396 billion worth of domestically-produced products.
The current external trade value rose by $824 million, compared with the same period last year, resulting in a trade deficit of $1.081 billion, increasing slightly by $70 million against the same period last FY.
Myanmar conducts overseas trade with international trade partners, mainly through sea ports. The value of the nation’s trade included $4.599 billion via non-border trade and $1.274 million through border trade.
According to the ministry’s yearly report, the country’s trade deficit was $3.973 billion in the last financial year. The ministry’s statistics indicated that the country had a trade deficit of over $91 million in the 2012-2013 FY. The trade deficit increased to $2.5 billion in the 2013-2014 FY. It continued to rise to $4.1 billion in the 2014-2015 FY, $5.4 billion in the 2015-2016 FY and $5.5 billion in the 2016-2017 FY.
The country chiefly imports capital goods, intermediate goods and consumer products. Its exports include agricultural products, animal products, minerals and forest products.