Trade value slumped by over US$855million compared to similar period in last FY

Trade value as of 25th September in this fiscal year slumped by US$855.644million when compared to the similar period of last year, according to the statistics of the Commerce Ministry.

The value of trade through sea trade as of 25th September in this fiscal year was US$12,096.291million whereas that in the previous fiscal year was US$13,127.214million. The fall in this year’s normal trade was attributed to the decrease in import value.

In the same period, a total value of trade through border area was US$4,626.627million which is up from US$4,451.348million in last fiscal year.

Out of export products worth US$7,278.566million, manufacturing goods played a major role with an export value of US$3,267.738million, followed by agricultural products with an export value of US$1,735.225million and other products of US$1,136.678million. Export of fishery products earned US$327.077million whereas the values of export were US$653.776million from mineral products and US$153.41million from forestry products and US$4.662million from livestock, according to statistics provided by the Commerce Ministry.

Meanwhile, import value amounted to US$9,444.352million which is down from US$10,718.425 million from last year. Capital goods, raw industrial goods and consumer goods are imported into Myanmar. Currently, there is a balance of trade deficit of US$2,165.786million since exports are outdone by imports. To reduce the trade deficit, there is a plan to scrutinise luxury import products, except for essential items, according to the second five-year national development plan.

There were trade deficits of US$91.9million in 2012-2013, US$2,555.5million in 2013- 2014, US$4,912.559million in 2014-2015 and US$5,407.464million in 2015-2016 respectively, according to the statistics released by the Central Statistical Organization (CSO). About US$3.1billion is expected to show in trade deficit in this fiscal year, it is learnt from the Planning and Finance Ministry.

Source: Global New Light of Myanmar

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