In the first seven months of the current fiscal year, Myanmar’s foreign trade fell by almost 30 percent (over $ 5 billion) from the same period last year, and exports fell by more than $ 2.2 billion, according to figures released by the Ministry of Commerce. From October 1 to May 7 of the 2020-2021 fiscal year, the trade volume was only $ 18.086 billion, up from $ 23.428 billion in the same period last year. In the first seven months of the current fiscal year, Myanmar’s foreign trade fell to $ 5.342 billion from the same period last year. The percentage has dropped to almost 30 percent.
During that period, Myanmar’s exports were only $ 8.970 billion, down $ 2.264 billion from the same period last year. Imports were only $ 9.115 billion, down more than $ 3 billion from the same period last year. Myanmar trades with both foreign and maritime trade routes. During the period, maritime trade amounted to $ 11.726 billion, down $ 4.488 billion from the same period last year. Border trade amounted to $ 6.360 billion, down from $ 853.918 million in the same period last year. Animal products Fishery products; Mining products; Forest products; Finished CMP; Other exports are being exported. Imports include investment goods; Industrial raw materials; Consumer goods It is mainly importing CMP raw materials.
Myanmar’s foreign trade in the last fiscal year 2019-2020 was $ 36.731 billion, according to the Ministry of Commerce. In the 2018-2019 fiscal year, the foreign trade volume was $ 35.147 billion. In the first six months of 2018, foreign trade amounted to $ 18.728 billion. In the 2017-2018 fiscal year, the trade volume was $ 33.578 billion. In the 2016-2017 fiscal year, the trade volume was $ 29.209 billion. The main priority areas of the National Export Strategy 2020-2025 to implement export promotion are agro-based food production; Textile and clothing sector; Industry and electronics, fisheries sector, forest products, digital products and services, logistics services, quality management sector, trade Information Services; and innovation and entrepreneurship.
Source: Daily Eleven