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Myanmar’s foreign trade value drops by nearly $322 mln in mini-budget year

Myanmar’s foreign trade value has seen a decrease by nearly US$322 million over the past two months of the current mini-budget period as both export and import decline, according to the official report of the Ministry of Commerce. From 1 October to 26 November in the 2021-22 financial year, the foreign trade value was $4.309 billion, whereas the same period of the last FY saw $4.632 billion.

This year saw a drop of over $321.862 million compared to the same period of last year. This mini-budget year, the export value was over $2.206 billion with a decline of over $113 million, while the import value hit $2.102 billion with a decrease of over $208 million. 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 the 2015- 2016FY, $29,209.607 million in the 2016-2017FY, $33,578.052 million in the 2017-2018FY, $18,728.815 million in the 2018 mini- budget year and $35,147.012 million in the 2018-2019FY. Agro-based food production, textile and clothing, industry and electronics, fisheries 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

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