Myanmar recorded US$8.9 billion in total trade in the first quarter of fiscal 2020-21, $2.5 billion less than the same period of last year.
The fall was attributed to reduced exports of natural gas, gems, garment products, and fishery, and other animal products due to the COVID-19 outbreak. Imports also saw a decline with the country buying less raw materials for Cut-Make-Pack (CMP) products, construction materials, fuel, and other crude oil products.
The amount of trading transactions from October 1 to January 25 (beginning of this fiscal year) is $8.9 billion in total. Export volume is $1.1 billion less than that of last year and import is down $1.4 billion as well. The whole trade sector saw a reduction of $2.5 billion compared to the same period of the 2019-2020 fiscal year, said U Khin Maung Lwin, assistant secretary from the Ministry of Commerce.
Myanmar, however, saw an increase in agricultural exports despite reports of logistics and transportation issues.
“Although total trade volume is less, the export volume for agricultural products is $4 million more than last year. The export of vegetables, rice, and broken rice has increased”, he said, adding that export of other agricultural products like watermelon, chili, peanuts, and maize grains are also on the rise.
The Ministry of Commerce has projected Myanmar trade to hit $34.7 billion for the 2020-21 fiscal year, according to earlier reports. Exports are forecast to total $16.2 billion while imports are expected to hit $18.5 billion, resulting in a trade deficit of $2.3 billion for the period. – Translated
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Source: Myanmar Times
