The trade value as of 5th May in the current Fiscal Year 2017-2018 was in deficit of US$538.966million when imports surpassed exports.
From 1st April to 5th May of this FY, external trade value amounted to over US$2.4billion, with an export value of US$950.533mil and an import value of US$1.49 billion, according to statistics provided by the Commerce Ministry.
Exports through normal trade performed better than that of last FY, with an increase of over US$109million. Meanwhile, exports through border trade showed a decrease of over US$63million against that of last year.
Out of 16 border trade camps, seven border gates — Muse, Chinshwehaw, Kengtung, Htee Khee, Sittway, Maungtaw and Tamu — were found to have declining export value.
Last FY 2016-2017 witnessed a trade deficit of over US$5.5billion, with the export values of US$11,620.876million and import values of US$17,180.780million.
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).
Therefore, the government is making efforts to reduce the trade deficit by screening luxury import items.
Myanmar exported agricultural products, animal products, minerals, forest products, finished industrial goods whereas capital goods, raw industrial materials and personal goods were imported into the country.
The concerted efforts are being made by the State to enhance the export sector by establishing a public-private-partnership with the businessmen.
The country’s export sector is depending more on the agriculture and industrial products of small and medium sized enterprises, while lessening its reliance on natural resources such as natural gas, jade.