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April 02, 2020

Consumer goods imports up over $466 million since last April

An ocean liner carrying containers is seen in the Yangon River.  Photo:Nyi Zaw Moe

Myanmar’s import of consumer goods was valued at US$3.928 billion in the current fiscal year (FY), which showed an increase of $466 million compared with the same period last FY, according to the statistical report released by the Ministry of Commerce.
From last April through mid-February this year, the private sector bought $3.807 billion worth of products from overseas trade partners, while imports by the public sector amounted to $121 million. At the same time last year, the country’s imports of consumer goods were valued at $3.461 billion, including $53 million from the public sector and $3.408 billion from the private sector.
When compared with the same period last FY, imports of consumer goods by the private sector increased by $398 million, whereas imports of the same products by the public sector also rose by $67 million.
According to the ministry’s import figures, as of 16 February, the country earned some $16.212 billion from the import of capital goods, intermediate goods and consumer products. The country’s imports are always greater than its exports, causing a trade deficit. To reduce the growing trade deficit, the government is seeking the best solutions in collaboration with private businesspersons.

 

Swe Nyein

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