Myanmar's trade deficit registers over 1.2 bln USD in first 7 months of FY 2019-20

Source: Xinhua| 2020-05-05 13:50:11|Editor: huaxia

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

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

In the same period of last FY 2018-2019, Myanmar's foreign trade totaled over 19.35 billion U.S. dollars with export value of over 9.34 billion U.S. dollars and over 10 billion U.S. dollars' import.

About 80 percent 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. Enditem