Trade deficit at nearly $1 bn despite over $12-bn foreign trade in four months

Writer: 
Nilar

Myanmar's foreign trade value hit over US$12 billion over the past four months, exceeding over US$1.4 billion compared to the same period of last year, but trade deficit has reached nearly US$1 billion, according to the Ministry of Commerce.   

Up to August 3 this year, foreign trade value hit US$12,339.968 million while the same period of last year saw an amount of US$10,907.455 million.

This year, export value totalled US$5,692.507 million with import value US$6,647.461 million.

Yan Naing Tun, director general of the Trade Department under the Ministry of Commerce, said Myanmar was inviting foreign investment as the country strives for nation-building. He added that the country is still experiencing trade deficit because import exceeds export.

"There is still a trade deficit. Myanmar is in a nation-building process. We are accepting foreign investment. We are also trying to promote foreign investment. But, import of commodities necessary for investment costs more. But it can also be called capital income. We cannot take into account trade volume alone," said the director general.

Myanmar exports agricultural produce, forest products, mineral products, fishery products, animal products and raw industrial materials. It imports investment goods, raw materials and consumer goods.