Imports rose in the first three months of the current fiscal year to a trade deficit of more than $ 230 million, up more than $ 140 million from the same period last year, according to the Ministry of Commerce. In the three months from October 1 to January 1 of the 2020-2021 fiscal year, Myanmar’s exports were worth $ 3.685 billion, down more than $ 1.2 billion from the same period last year. Imports were worth $ 3.920 billion, down more than $ 1 billion from the same period last year. The trade deficit means that Myanmar imports more than it exports. In the first three months of the current fiscal year, Myanmar’s exports and imports were $ 234.525 million higher than exports.
As a result, Myanmar’s trade deficit reached $ 234.525 million in the first three months of the current fiscal year. In the same period of the 2019-2020 fiscal year, the trade deficit was only $ 89.233 million, according to the Ministry of Commerce. Comparing the two periods, Myanmar’s trade deficit in the first three months of the current fiscal year was $ 145.289 million higher than the same period last year. The Union Minister for Commerce and Industry, said that while Myanmar was developing and implementing export strategies to boost exports, it was also trying to reduce the trade deficit as domestic demand could not be reduced due to domestic demand. In practice, domestic consumption has improved.
In terms of investment, especially small and medium enterprises. Medium-sized businesses need raw materials. Livestock, for example, is on the rise. Chicken is very imported. In the past, soybean mills were allowed to import about 20,000 tonnes a year, but now up to 50,000 tonnes a year. This will not be reduced as the business here grows. Some have to import good fish, such as sausages, which cannot be produced here when traveling. Coconut oil does not reduce it. Diesel cannot be reduced. Medicine cannot be reduced and cosmetics cannot be reduced.
Source: Daily Eleven
