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September 22, 2019

Rise in export trims trade deficit to $514 mln

While exports of natural resources such as natural gas and jade are declining, earnings from the export of garment businesses are rising, . Photo: MNA
While exports of natural resources such as natural gas and jade are declining, earnings from the export of garment businesses are rising, . Photo: MNA

In the last one and a half months of the Fiscal Year 2018-2019, Myanmar has cut its trade deficit to US$514.7 million from $981 million during the same period last year, on the back of rising exports.
The country’s external trade has increased to $4.74 billion this fiscal year from $439 million last year. The total external trade includes an estimated $2.1 billion in exports and $2.6 billion in imports.
The country records higher export value of $453 million and lower import value of $13.9 million compared to similar period of last FY.
Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, and imports capital goods, raw industrial materials, and consumer goods.
The country’s export sector relies primarily on the agricultural and manufacturing sectors. Earnings from the export of CMP (cutting, making, and packaging) garment businesses are rising, while exports of natural resources such as natural gas and jade are declining.
The government has been trying to reduce the trade deficit by screening luxury import items and boosting exports. Trade via the sea has brought in $3.5 billion in the current FY, while border trade fetched $1.2 billion, according to data released by the Ministry of Commerce.
According to statistics released by the Central Statistical Organization (CSO), Myanmar’s trade deficit stood at $1.3 billion in last mini-budget period, $5.5 billion in the 2016-2017 FY, $5.4 billion in the 2015-2016 FY, $4.9 billion in the 2014-2015 FY, $2.5 billion in the 2013-2014 FY, and $91.9 million in the 2012-2013 FY.—Mon Mon (Translated by Ei Myat Mon)

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