The trade deficit reached over USD $ 1.73 billion in about nine months of 2019 – 2020 fiscal year

As import surpasses export in about nine months of this fiscal year, there has been a trade deficit of over US$1.73 billion exceeding US$770 million compared to the same period of last year, according to data from the Ministry of Commerce. 

Myanmar exported goods worth US$12.644 billion from October 1 to June 19 in the current 2019-2020 fiscal year, exceeding over US$570 million compared to the same period of last FY.

However, import value reached US$14.398 billion exceeding US$1.346 billion compared to last year. 

Therefore, there has been a trade deficit of US$774.743 billion. 

“Myanmar is implementing the National Export Strategy for export sector promotion. The government is working to lower the trade deficit. The country is unable to reduce the imports of essential goods. In practice, the efforts to reduce the trade deficit face some difficulties. Local consumption is high. Small and medium-sized enterprises especially have to import raw materials,” said Union Minister for Commerce Dr. Than Myint.

There was a trade deficit of 1.15 billion US dollars in 2018-19 FY though the trade deficit was expected to lower to 500 million US dollars. 

The total trade value is projected to hit 34 billion US dollars in 2019-2020 FY and the exports, 18 billion US dollars, according to the Commerce Ministry.

(Eleven Media Group: https://elevenmyanmar.com/news/trade-deficit-reaches-over-173bn-in-about-nine-months )

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