Myanmar's trade deficit registers over US$1.2bil in first 7 months of FY 2019-20

YANGON (Xinhua): Myanmar's trade deficit recorded over US$1.2 billion in first seven months of present fiscal year (FY) 2019-2020, up from over $651 million in the corresponding period of last FY, said figures by the Commerce Ministry on Tuesday (May 5).

From Oct 1 to April 24 of this FY, the country earned over $10.4 billion while its import reached over $11.6 billion.

In the same period of last FY 2018-2019, Myanmar's foreign trade totalled over $19.35 billion with export value of over $9.34 billionand over $10 billion import.

About 80 per cent of the country's trade with foreign countries is done through sea route and its border trade is conducted with neighbouring China, Thailand, Bangladesh and India.

Myanmar's agricultural products, animal products, marine products minerals, forest products, manufacturing goods and others are exported while the country imports capital goods, intermediate goods and consumer goods.

The trade authorities have been making efforts to boost the country's exports as well as to reduce the imported luxury commodities to decrease the trade deficit. - Xinhua