Foreign trade volume reaches more than US$33 billion with almost US$4 billion in deficit

Writer: 
Min Thiha Zaw

Myanmar’s foreign trade volume reached more than US$33 billion with a deficit of almost US$4 billion during 2017-2018 FY, said a source of the Ministry of Commerce.

Myanmar’s foreign trade volume reached US$33323.815 million from April 1 to March 31 for 2017-2018 FY, up US$4114.209 million compared to the same period of last year.

The marine trade volume was US$24859.852 million in total, up US$ 3427.253 million compared to the same period of last fiscal year whereas the border trade volume totaled US$8463.963 million, up US$686.965 million compared to the same period of the last year, according to the statistics of the ministry.

The export volume reached US$14675.209 million and the import volume reached US$18648.606 million. There was a deficit of US$3973.397 million as the import volume was larger than the export. There was also a deficit of US$5212.518 million last fiscal year.

Myanmar exported agricultural produces, minerals, forest products, animal products and finished-good for industrial purpose to foreign countries and imported personal items, raw materials and investment goods.

The Ministry of Commerce was expected that foreign trade volume would reach US$29 billion with a deficit of US$1 billion for 2017-2018 FY, according to the Union budget report for 2017-2018 FY issued by the Ministry of National Planning and Finance.

Translated by Win Htut