The central bank will regulate the rules for the inflow of export earnings and the payment of money for exports via the bank, said Bo Bo Nge, the Deputy-Governor of the Central Bank of Myanmar at a press conference held at Central Bank of Myanmar in Yangon on January 6.
Slight updates will be made to the customs clearance system introduced since November, 2017. Thereafter, the central will take actions, he added.
According to the figures from the Commerce Ministry, from October 1, 2018 to January 11, 2019 of 2018-19 fiscal year, the total external trade value hit 9115.433 million USD, up 184.041 million compared with the same period last year.
During this FY, the total export earnings hit over 4062.558 million USD while the import value amounted to 5092.885 million USD. There was a trade deficit of over one billion USD.
Myanmar’s major export items are farm, animal, marine, forest, mining, CMP and other products. Myanmar imports capital goods, raw materials, personal goods and CMP raw materials, according to the Commerce Ministry.
Dr. Than Myint, Union Commerce Minister said the country needs to promote the quality and quantity of export items and import more capital goods which will help support the sustainable economic development.
