Myanmar records trade deficit of over $2 billion in past seven months

The Commerce Ministry recorded a trade gap of over US$2 billion in the first seven months of the year, falling by over 700 million compared with the same period last year.

The export value between April and October 21 this year was $6,210.023 while the import value surpassed $2.06 billion, whereas the country’s import value reached $8,798.774 million last year while the export value was $6,001.872 million, with a trade deficit of over $2.7 billion.

According to the Central Statistics Organization, the country recorded a trade deficit of over $5.4 billion in FY2015-2016, about $5 billion in FY2014-2015, $2.5 billion in 2013-2014 and $91.9 million in 2012-2013.

Myanmar’s export includes fruits and vegetables, wood, fish, clothing, rubber, mineral products and natural gas. The country mainly imports fuel, vegetable oil, vehicles, pharmaceutical products, construction equipment, polymers, tires and machinery.

China, India, Japan, Indonesia, Germany and Hong Kong are the main trading partners of Myanmar.

Source: Global New Light of Myanmar

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