epa07799064 A general view shows trucks loaded containers at Asia World shipping container terminal in Yangon, Myanmar, 28 August 2019. According to figure by Myanmar Ministry of Commerce, Myanmar's total trade with foreign countries reached over 30.593 billion USD as of 16 August 2019 in present fiscal year (from 01 October 2018 to 31 September 2019), of which the export reached 14.69 billion USD while the import was 15.903 billion USD. In 2017-2018 October to September fiscal year, the total trade was 35.895 billion USD and the trade balance had a deficit of 3 billion USD. The most important exports in Myanmar are manufactured products whereas the non-electric machinery and transport equipment are the major products of imports.  EPA-EFE/LYNN BO BO

External trade down $7.15 bln this FY

Myanmar’s external trade between 1 October and 30 September in the financial year 2020-2021 indicated a significant down to US$ 29.58 billion, a sharp drop of over $ 7.15 billion compared to that of the last year, according to the Ministry of Commerce. During the same period in the previous FY, the trade stood at $36.73billion, according to data released by the ministry.

Over the past months, Myanmar’s export was worth over $14.93 billion, which plunged from $17.68 billion registered a year-ago period. Meanwhile, the country’s import was valued $14.66 billion, showing asignificant decrease of $19.05 billion compared with the last FY. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods.

The country’s export sector relies more on the agricultural and manufacturing sectors. The Ministry of Commerce is focusing on reducing the trade deficit, export promotion and market diversification. The external trade stood at $36.73 billion in the 2019- 2020FY, $35.147 billion in the 2018-2019FY, $18.728 billion in the 2018 six-month interim period, $33.578 billion in the 2017- 2018FY and $29.209 billion in the 2016-2017FY, respectively, as per the Commerce Ministry’s statistics.

Source: The Global New Light of Myanmar

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