Myanmar's foreign trade value has reached over US$8.4 billion over the past three months of the current 2018-2019 fiscal year exceeding more than US$100 million, compared to the same of period of last financial year, but trade deficit has hit nearly US$980 million, according to sources from the Ministry of Commerce.
From October 1 to January 4 this FY, foreign trade value amounted to US$8,429.320 million while the amount in the same period of last year was US$8,323.899 million.
In the three months, export value amounted to US$3,723.859 million and import value US$4,705.461 million, causing a trade deficit of US$981.602 million.
Myanmar exports agricultural products, animal products, fishery products, forest products, mineral products, raw industrial materials (CMP) and other products.
With the aim of reducing the country’s trade deficit, the commerce ministry has laid down the national export strategy for the development of export sector and is carrying out the relaxation of strict procedures, giving the encouragement to the private sector, placing the emphasis on the exports of value-added products and helping entrepreneurs extend the export market by getting reliefs on exports like the GSP.
