YANGON, May 5 (NNN-MNA) – Myanmar’s trade deficit recorded over 1.2 billion U.S. dollars, in the first seven months of present fiscal year (FY) 2019-2020, up from over 651 million U.S. dollars in the corresponding period of last FY, the Commerce Ministry said, Tuesday.
From Oct 1 to Apr 24 of this FY, the country earned over 10.4 billion U.S. dollars, while its import reached over 11.6 billion U.S. dollars.
In the same period of last FY 2018-2019, Myanmar’s foreign trade totaled over 19.35 billion U.S. dollars with export value of over 9.34 billion U.S. dollars and over 10 billion U.S. dollars’ import.
About 80 percent of the country’s trade with foreign countries is done through sea route and its border trade is conducted with neighbouring China, Thailand, Bangladesh and India.
Myanmar’s agricultural products, animal products, marine products minerals, forest products, manufacturing goods and others are exported, while the country imports capital goods, intermediate goods and consumer goods.
The trade authorities have been making efforts to boost the country’s exports, as well as, to reduce the imported luxury commodities, to decrease the trade deficit.
