Myanmar's foreign trade deficit reaches nearly US$57 million by mid-November as Covid-19 cases continue to drop

YANGON, Dec 4 (Eleven Media Group/ANN): Myanmar's foreign trade deficit reached nearly US$57 million by mid-November in mini budget period of 2021-2022 FY, according to the Ministry of Commerce.

The trade deficit means that imports are more than exports in foreign trade.

From October 1 to November 19 of the 2021-2022 FY, exports amounted to US$1.746 billion. Imports amounted to US$1.802 billion.

During that period, the trade deficiency is US$56.942 million.

Myanmar exported agricultural products, animal products, fishery products, minerals, forestry products, finished industrial products and other exports.

Myanmar imported foreign investment goods, consumer goods, raw materials for the industry and CMP raw materials.

Myanmar is developing and implementing export strategies to boost exports, while on the other hand it is trying to reduce the trade deficit as domestic demand has not been reduced but there are still some practical difficulties, according to the Ministry of Commerce.

According to a trade deficit history in Myanmar's foreign trade, the trade volume was over US$30 billion in the 2020-2021 FY, with a trade surplus of US$656.784 million. Only the 2020-2021 FY had a trade surplus, and in previous years there was a trade deficit.

In the 2019-2020 FY, the trade volume was over US$36.731 billion and the trade deficit was US$1.369 billion. The trade deficit was expected to narrow to US$500 million in the 2018-2019 FY. However, by the end of the fiscal year, the trade deficit was over US$1.15 billion.

Meanwhile, Myanmar reported 374 new Covid-19 infections with daily positivity rate of 1.92 percent in the past 24 hours, the Ministry of Health said in a statement on Saturday.

The number of Covid-19 cases has risen to 524,122 while its death toll has increased to 19,135 after eight new deaths were reported on Saturday, the ministry said.

A total of 499,800 patients have been discharged from hospitals as of Saturday.

Myanmar detected its first two COVID-19 positive cases on March 23 last year. - Eleven Media Group/ANN

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