Friday, 30 May 2014

Trade deficit mounts to US$633 mln this fiscal year

Although Myanmar trade reached nearly US$2 billion within one month from the beginning of the current fiscal year, the trade deficit has already topped US$633 million.

The statistics of National Planning and Economic Department Ministry says over US$542 million came from exports but more than US$1.1 billion has been spent on imports, resulting in the current shortfall.

Myanmar has had a trade deficit since the 2012-13 fiscal year even though it has increased foreign trade and opened its economy to foreign investment and industry.

The country’s main exports are and oil and gas, agricultural and farm products, minerals, timber and industrial products. It still relies heavily on importing machinery, consumer products, commodities and raw materials.

In the 2013-14 fiscal year, US$11 billion was earned from exports and over US$13 billion spent on imports, resulting in a trade deficit of nearly US$3 billion.

source: Eleven Myanmar
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