Myanmar’s external trade between 1 October and 4 September in the 2019-2020 financial year touched a high of US$34.35 billion, an increase of $1.84 billion compared with the corresponding period of the 2018-2019FY, according to the Ministry of Commerce. During the same period in the previous FY, trade stood at $32.5 billion, according to the data released by the ministry. Myanmar’s foreign trade has shown a 10-per cent increase, year over year, under the incumbent government. Myanmar has already reached a total trade value of $34 billion for the current FY, said an official from the ministry.
The Ministry of Commerce is endeavouring to boost export, enhance value-added production, reduce export barriers and provide trade financing services. In the current budget year, both maritime and border trade recorded an increase compared with the year-ago period, with exports estimated at over $16.4 billion and imports valued at $17.9 billion. 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. Export earnings from CMP (cutting, making, and packing) garment businesses are rising, while reliance on natural resources is lessening. The government is trying to reduce the trade deficit by screening luxury import items and boosting exports. At present, CMP garment sector which contributes to over 20 per cent of Myanmar’s export sector is facing hardship due to the cancellation of order from the European countries and suspension of the trade by western countries amid coronavirus consequences. As a result of this, manufacturing export, mainly CMP garment, and raw materials imported by the CMP businesses showed a drop amid the pandemic shock, highlighted the business people.
Source: The Global New Light of Myanmar