International trade value exceeds target of $29 billion before end of current fiscal year

Min Thiha Zaw

Myanmar's international trade value has exceeded the target of US$29 billion before the current fiscal year ends, but the export volume target has not been reached as expected, according to trade figures from the Ministry of Commerce.

From April 1 to February 23 this 2017-2018 fiscal year, international trade value amounted to US$29,502.585 million, exceeding US$3,917.482 million when compared to the previous FY.

Up to February 23 this FY, the over US$29 billion in total trade value included US$22,056.974 million in maritime trade and US$7,445.611 million in border trade. 

Of the total trade amount, export value reached US$12,810.627 million and import value US$16,691.958 million, causing a trade deficit of US$3,881.331 million.

According to the budget statement released by the Ministry of Planning and Finance, total trade volume of the current 2017-2018 fiscal year was expected to be US$29 billion with US$14 billion in export and US$15 billion in import. Meanwhile, trade deficit was set to reach about US$1 billion.

Figures released by the Central Statistics Organisation show that Myanmar's trade deficit was US$91.9 million in 2012-2013 FY, US$2,555.5 million in 2013-2014 FY and US$4,912.559 million in 2014-2015 FY.

In carrying out international trade activities, Myanmar exported agricultural produce, animal products, mineral products, forest products and finished industrial goods and imported consumer goods, raw materials and investment goods.