Foreign trade value reaches US$13 billion, with over 1.7 billion in deficit

The external trade value as of 7th October in this fiscal year hit over US$13 billion, with a trade deficit of over 1.7billion, it is learnt from statistics of the Ministry of Commerce.

The value of foreign trade from 1st April to 7th October in this fiscal year amounted to US$13,607.140million, which was down from US$13,883.566million in a similar period of the previous fiscal year 2015-2016. The figure slumped by US$276.426million when compared to the last fiscal year. The export value as of 7th October totalled US$5,935.009million, while the import value was US$7,672.131million. The trade balance is in deficit of US$1,737.122million when the import value outdid the export value. External trade is flowing in and out through normal trade as well as border trade. In this period, the trade value via sea trade fetched US$9,937.399million, while the border trade value was US$3,669.741million.

According to the second five year National Development Plan, to bring down the trade deficit, there is a plan to scrutinise imports of luxury commodities, excluding essential items. To control the inflation rate, the trade deficit must be scaled down in order to boost the manufacturing.

The trade deficits were US$91.9million in 2012-2013, US$2,555.5million in 2013-2014, US$4,912.559million in 2014- 2015, US$5,407.464million in 2015-2016 respectively, according to the statistics released by the central statistical organisation.

In this fiscal year, the trade deficit is estimated to be US$3.1 billion, it is learnt from the statistics released by the budget department under the Ministry of Planning and Finance.

Source: Global New Light of Myanmar

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