Trade deficit hit US$1.4 billion in past three months

Myanmar’s trade deficit reached US$1.4 billion in the past three months, according to the Commerce Ministry.

External trade from 1 April to 30 June this was an estimated $7.7 billion. Exports were worth $3.2 billion and imports were $4.6 billion. Myanmar’s export market includes extractives including minerals, natural gas, agriculture and fisheries products. Agribusiness plays a vital role in the export sector but agricultural exports declined compared to last year during the same period. Myanmar’s main imports include capital goods, raw industrial goods and consumer goods.

The government has an official policy of reducing the trade deficit by screening luxury import items except essential goods. However, so far this fiscal year, the deficit has grown, with a larger deficit than last year and deficit of about $1billion. There were trade deficits of US$91.9 million in FY 2012-2013, US$2,555 million in FY 2013-2014, US$4,912 million in FY 2014-2015, US$5,407 million in FY2015-2016 and over US$5.5 billion in FY 2016-2017 respectively, according to the statistics released by the Central Statistical Organization (CSO).

Source: The Global New Light of Myanmar