Myanmar’s foreign trade value drips by nearly US$601 mln in mini-budget year

Myanmar’s foreign trade has dropped nearly US$601 million in nearly three months of the mini-budget year of the 2021-22 financial year (FY) starting in October last year, according to the figures released by the Commerce Ministry on Saturday. From 1 October to 24 December this mini-budget year, the country trade was $6.662 billion, while the previous FY saw $7.263 billion in the same period.

This year saw a drop of over $601 million compared to the same period of last year. Similarly, the country has earned over $3.437 billion from exports, while its imports was valued at over $3.225 billion. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, CMP raw materials and consumer goods.

According to the annual data released by the commerce ministry, the country’s foreign trade value was $18,045.929 million in the 2012-2013FY, $27,714.826 million in 2015-2016FY, $29,209.607 million 2016-2017FY, $33,578.052 million in 2017-2018FY, $18,728.815 million in 2018 mini-budget year and $35,147.012 million in the 2018-2019FY. Agro-based food production, textile and clothing, industry and electronics, fishery production, forestry production, digital production and services, logistics services, quality management, trade information services and innovation and entrepreneurship sectors are the main priority areas of the National Export Strategy (NES) 2020-25. 

Source: The Global New Light of Myanmar