daily11-oct13-2018-ak02

In the first two months of the 2020-2021 fiscal year, Myanmar’s foreign trade exceeded $ 4,300 million and created a trade deficit of nearly $ 400 million

In the nearly two months from October 1 to November 27 of the 2020-2021 fiscal year, Myanmar’s foreign trade exceeded $ 4,300 million, leaving a trade deficit of nearly $ 400 million, according to the Ministry of Commerce. From October 1 to November 27 of the 2020-2021 fiscal year, the foreign trade volume was $ 4,325.303 million. In the same period last year, the trade volume was $ 5854.550 million. Compared to the same period last year, the trade volume decreased by $ 1,529.247 million in the first two months of the current fiscal year compared to the same period last year.

The trade deficit means that imports are higher than Myanmar’s exports. In the first two months of the 2020-2021 fiscal year, Myanmar’s exports were worth $ 1,962.670 million, imports $ 2,362.633 million and a trade deficit of $ 399.963 million. Myanmar’s foreign trade is expected to reach $ 34.7 billion in the 2020-2021 fiscal year and a trade deficit of $ 2.3 billion, according to budget figures for the 2020-2021 fiscal year. In the 2019-2020 fiscal year, Myanmar’s total foreign trade amounted to $ 36.665 billion. Of this, $ 17.643 billion came from exports and $ 19.022 billion from imports.

Union Minister for Economy and Trade Dr Than Myint said that despite the high incidence of COVID-19 in the world, Myanmar has not had a major impact on trade due to cooperation in non-stop trade. Despite the high incidence of COVID-19 in the world, our efforts to ensure that trade is not disrupted have not had a significant impact on trade. As a result, Myanmar’s trade volume reached $ 36.66 billion in the 2019-2020 fiscal year, an increase of $ 582 million in exports and $ 35 million in trade from the previous fiscal year 2018-2019.

Source: Daily Eleven

Foreign tourist shopping revenue in Myanmar was $ 197.331 million in 2019, down 81 percent from COVID-19 this year

Revenue from shopping for foreign tourists visiting Myanmar fell from US $ 197.331 million in 2019 (January to December) to US $ 38.021 million by 2020, or an estimated 81%. Other related revenue from foreign visitor spending was $ 281.875 million in 2019 (January-December), down from an estimated $ 54.315 million in 2020 (estimated from January to December). As a result, revenue from tourism and related industries for the year was US $ 2,818.753 million in 2019, down from US $ 543.154 million in 2020, down 81 percentage points from US $ 2,275.599 million.

The suspension of international passenger flights at Rangoon International Airport will reduce international airline revenue by 81% by 2020, according to the COVID-19 survey on the impact on Myanmar’s tourism industry. The Yangon International Airport (YACL) Company, which provides management services, said it was working to reduce rents and reduce staff salaries due to the closure of all shops at Terminal 1 in Yangon International Airport, according to YACL. The number of passengers at the Yangon International Airport has been declining since mid-February due to the suspension of international passenger flights until December 31. Due to the suspension of the tourism sector, the airlines inside the airport, Food industry; This has affected the regular operation of freight and retail outlets.

International flights have been suspended since March 30, and some domestic airlines have suspended flights, resulting in fewer passengers and airport arrivals. Shops and restaurants at Departure Terminal 1 were completely closed, severely affecting Yangon Airport and airports around the world. They are facing an unprecedented challenge for the airline industry. As the airport business resumes, operations will resume. Action plans will be implemented that meet the requirements of the public health plan and international standards. The transformation of the current YIA will be at least for a period of time as a new normal airline.

Source: Daily Eleven