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August 08, 2020

Myanmar’s trade deficit increases; crosses $1 bln as of 14 Feb

A container ship crossing the Yangon River. Photo: Phoe Khwar
A container ship crossing the Yangon River. Photo: Phoe Khwar

Myanmar’s trade gap widened to over US$1 billion between October and mid-February in the current financial year, an increase from $971.8 million registered in the corresponding period of the 2018-2019FY, according to data provided by the Ministry of Commerce.
Between 1 October and 14 February, Myanmar’s external trade increased to over $14.5 billion from $12.38 billion recorded in the year-ago period.
While exports were estimated at $6.76 billion, imports were valued at $7.77 billion. Compared to the previous fiscal, exports showed an increase of $1.05 billion, while imports climbed by $1.094 billion.
Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, intermediate goods, CMP raw materials, and consumer goods.
The country’s export sector relies more on the agriculture and manufacturing sectors. While export earnings from the CMP (cut, make, and pack) garment businesses are rising, the country’s reliance on natural resources, such as natural gas and jade, is lessening.
The government is trying to cut the trade deficit by screening luxury import items and boosting exports. Myanmar’s trade deficit was pegged at $1.14 billion in the 2018-2019 fiscal year, $1.3 billion in the last mini-budget period (April-September, 2018), $3.9 billion in the 2017-2018FY, $5.3 billion in the 2016-2017FY, and $5.4 billion in the 2015-2016FY, according to statistics released by the Central Statistical Organization. —Mon Mon (Translated by Ei Myat Mon)

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