A TRADE deficit has been reported in Myanmar for four years in succession as the value of exports fell more than the value of imports, according to an official from the Ministry of Commerce.
The country remains locked into a trade deficit this fiscal year, said Director U Win Myint of the ministry.
Myanmar has been running persistent trade deficits as imports have increased more than exports since 2012, said the director, adding that the country’s trade deficit is expected to continue as it is a developing country.
Myanmar imported $13670.436 worth of goods until this January while only exporting $8768.972, running a deficit of US$4901.464million for the fiscal year 2015-2016.
“Necessary measures are being taken as strategy implementation in the export sector is needed for export promotion,” said the director, pointing out the impact of volatility of export prices and declining exports from the country’s private sector.
According to the ministry, there has been a drop of $1.3 billion for the 2015-2016 FY compared to previous fiscal years in the export of agricultural output, mineral resources, manufactured goods and others.
Source: GNLM
