In the first eight months of the current fiscal year, Myanmar’s foreign trade deficit reached more than $ 360 million, according to the Ministry of Commerce. The trade deficit means that Myanmar imports more than it exports in its foreign trade. In the eight months from October 1 to May 28 of the 2020-2021 fiscal year, Myanmar exported only $ 9.691 billion. Imports amounted to $ 10.058 billion. During that period, Myanmar’s exports and imports were worth $ 367.05 million more than exports. As a result, Myanmar’s foreign trade deficit of $ 367.105 million in the first eight months of the current fiscal year.
In the same period last year, Myanmar’s foreign trade deficit reached more than $ 1.5 billion, according to figures released by the Ministry of Commerce. Myanmar exports agricultural products Animal products Fishery products; Mining products; Forest products; Finished industrial products; It is mainly exporting to other exports. Foreign investment goods; Consumer goods Industrial raw materials; It is mainly importing CMP raw materials. Myanmar is developing and implementing export strategies to boost exports, while on the other hand it is trying to reduce the trade deficit as domestic demand has not been reduced due to domestic demand, but there are still some difficulties in practice, said an official from the Ministry of Commerce.
According to the Ministry of Commerce, the trade deficit in Myanmar’s foreign trade was only $ 89.223 million in the same period last fiscal year, 2019-2020. In the last fiscal year 2018-2019, the trade deficit is expected to be reduced to US $ 500 million. However, by the end of the fiscal year, the trade deficit was over US $ 1.15 billion. In the first six months of fiscal 2018, the total trade surplus was over US $ 18 billion, with a trade deficit of over US $ 1 billion. In the 2017-2018 fiscal year, the total trade volume was over US $ 33 billion and the trade deficit was over US $ 3.8 billion. In the 2016-2017 fiscal year, the total trade surplus was over US $ 29 billion, with a trade deficit of over US $ 5 billion, according to figures released by the Ministry of Commerce.
Source: Daily Eleven