Myanmar to suffer huge trade deficit of US$5 billion for fiscal year 2014-15 which ends on March 31, according to figures conducted from April 1, 2014 to March 3 by the Commerce Ministry.
The country earned about $10 billion in exports while $15 billion was spent on imports. This year’s trade deficit sets a new record breaking last fiscal year’s $2.65 billion trade deficit.
Meanwhile, the country earned more from exports this fiscal year than last year due to the crackdown on smuggling.
“There are many things to consider what causes the trade deficit. It can impact the local businessmen indirectly,” said a business owner.
The Ministry of Commerce is planning trade related projects such as Enhanced Integrated Framework, National Export Strategy and National Trade Facilitation Implementation Plan to help develop the country’s trade sector with assistance from abroad.