Myanmar registers trade surplus of $45.6 mln in current fiscal
Higher exports in the last two months of the 2019-2020 financial year have resulted in a trade surplus of US$45.6 million, according to data provided by the Ministry of Commerce.
In the current fiscal, there has been a significant drop from a trade gap of $654.98 million registered in the corresponding period of the 2018-2019FY, according to data from the Ministry of Commerce.
Between 1 October and 29 November, Myanmar’s external trade increased to $6.16 billion from $5.24 billion recorded in the same period of the previous FY.
In the October-November period, exports were estimated at $3.106 billion and imports were valued at $3.06 billion. Compared to the previous fiscal, exports showed an increase of $810.8 million, while imports jumped by $110.27 million.
Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, intermediate goods, CMP raw materials, and consumer goods.
The country’s export sector relies more on the agriculture and manufacturing sectors. While export earnings from the CMP (cut, make, and pack) garment businesses are rising, the country’s reliance on natural resources, such as natural gas and jade, is lessening.
The government is trying to cut the trade deficit by screening luxury import items and boosting exports.
Myanmar’s trade deficit was pegged at $1.14 billion in the 2018-2019 fiscal year, $1.3 billion in the last mini-budget period, $3.9 billion in the 2017-2018FY, $5.3 billion in the 2016-2017FY, and $5.4 billion in the 2015-2016FY, according to statistics released by the Central Statistical Organization.
From: Global New Light