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February 29, 2020

External trade rises to $11.29 bln

Myanmar’s external trade between 1 October and 17 January in the 2019-2020 financial year reached US$11.29 billion, an increase of $1.7 billion compared to the corresponding period of the 2018-2019 fiscal, according to the Ministry of Commerce.
During the same period in the previous FY, trade stood at $9.57 billion, according to data released by the ministry. Both maritime and border trade showed an increase in the current fiscal, with exports estimated at over $5.4 billion, and imports valued at $5.85 billion. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods. The country’s export sector relies more on the agricultural and manufacturing sectors. Export earnings from the CMP (cutting, making, and packaging) garment businesses are rising, while reliance on natural resources, such as natural gas and jade, is lessening. The government is trying to cut trade deficit by screening luxury import items and boosting exports, according to the Ministry of Commerce.—GNLM (Translated by Ei Myat Mon)

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