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May 29, 2020

Over $1.1 billion in trade deficit reported this FY

Myanmar’s overseas trade value for the current financial year topped US$10.165 billion, with a trade deficit of $1.1
billion, according to the Ministry of Commerce’s weekly statistical report issued this Friday.
Between 1 April and 13 July this year, the country’s imports were $4.524 billion and exports were $5.641 billion, resulting in a trade deficit of over $1 billion.
The current trade value included $2.285 billion from border trade and nearly $7.9 billion from non-border trade. Roughly, 80 per cent of the country’s international trade is conducted mainly through sea ports. The country’s marketable products, including agricultural, animal, minerals, marine and forest raw materials and manufactured goods are exported to foreign nations monthly, from both the cross-border and the maritime routes.
At this time last year, the export sector was worth $3.549 billion, while the import sector was valued at $5.213 billion, resulting in a trade deficit of $1.663 billion in total.
The country suffered a total trade deficit of $3.97 billion in the 2017-2018 FY, a decrease by over $1.4 billion over that of the 2016-2017 FY. The country’s import value is always greater than its exports, causing a trade deficit. Efforts are being made by trade authorities to seek the best available solutions to reduce the trade gap.—Shwe Khine

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