Myanmar’s foreign trade volume has reached US$26billion, a figure that is larger than that of the same period of last year, the Ministry of Commerce reported.
Myanmar’s foreign trade volume was US$26.4billion in total from April to March 2016-2017 fiscal years, which is S$547.6million higher, compared to the same period of the last year.
Myanmar’s export volume totaled US$10.7billion and Myanmar’s import volume US$15.7billion so far. In comparison with the export volume and the import, the trade balance is more than a US$5billion deficit. Last year, the ministry expected that there would be a deficit of US$3billion in the 2016-2017 fiscal years, but now is larger deficit than as expected.
Maritime trade volume was US$19.6billion in total whereas border trade volume was US$6.8billion in total. During these periods, Myanmar exported farm produce, animal products, marine products, minerals, forest products, industrial finished-products and other ones. Among these products, export volume of minerals and industrial finished-products went down when it was compared to last year.
The import volume of investment materials went down, but that of personal goods and raw materials rose. In the maritime trade sector, exports earned more than imports and therefore import volume declined. In the border trade sector, both export and import volumes went down respectively.
The second 5-year short-term project of national development will aim to reduce the trade deficit, with luxurious goods except essential ones being placed under scrutiny. The Ministry of Commerce expects that Myanmar’s foreign trade volume will reached US$29billion, and there will be a deficit of US$1billion in the upcoming fiscal year of 2017-2018.
Source: Eleven Myanmar
