Myanmar earned over USD $ 50 million trade surplus within two months of this fiscal year

Myanmar earned over US$50 million trade surplus as export volume had increased within two months of this fiscal year, according to figures from the Ministry of Commerce.

Trade surplus means the amount by which the value of a country's exports exceeds the cost of its imports and trade deficit means the amount by which the cost of a country's imports exceeds the value of its exports.

Myanmar exported US$3.116 billion worth of products from October 1 to November 29 in this fiscal year.

The import value is only US$3.061 billion in this period, according to the ministry.

The trade surplus is US$55.613 million in that period in this fiscal year and trade deficit was over US$650 million in that period in the last fiscal year.

Myanmar is expecting to have trade deficit amount of US$500 million this fiscal year but there are still difficulties in practical, said Dr Than Myint, Union Minister for Commerce.

“The trade deficit will be decreased a little but local consumption is demanding especially in small and medium enterprises as they need raw materials. For instance, livestock sector is increased but it means we need more animal feed. We imported about 20,000 tons of soybeans annually and now it has reached 50,000 tons of soybeans. We cannot be reduced the imports. Some imported sausages and best quality fish which cannot be produced here. It is the same with palm oil, diesel, medicines and cosmetic products,” said the union minister.

(Eleven Media Group: https://elevenmyanmar.com/news/myanmar-earns-us50m-trade-surplus-in-two-months )

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