THE total trade value between Myanmar and its trade partners from April to the beginning of this month has reached over US$15 billion while the county has racked up almost $2 billion trade deficit, according to the Ministry of Commerce.
Between 1 April and 4 November this year, the external trade value hit over $15.5 billion, including over $6.79 billion from export sector and $8.78 billion from import sector resulting in a trade deficit of over $1.9 billion.
This year’s trade value has decreased by $140.15 million when compared to the same period last year, according to the ministry. The country had a trade deficit of $2.987 billion over the same period last fiscal year.
Myanmar mainly exports agricultural products, fisheries products, mining products, forest products and industrial goods.
The country normally imports industrial raw materials, personal goods, construction equipment, automobiles and capital goods etc mainly from China, Japan, India, Indonesia, Germany, France and Hong Kong.
According to the second five-year National Development Plan from 2016-2017 to 2020-2021 FY, efforts are being made by the ministry to promote the country’s export sector by shipping new valued-added products from manufacturing sector within the next five years.
It is estimated that the country’s trade deficit is likely to hit over $3 billion this FY, with the ministry planning to reduce the trade deficit by reducing the import of luxury goods.