There has been a trade deficit of over US$230 million over the past three months in the current fiscal year exceeding over US$14 million compared to the same period of the previous year, according to the Ministry of Commerce.
From October 1 to January 1 in the 2020-2021 financial year, Myanmar exported goods worth US$3.685 billion falling over US$1.2 billion compared to last year and imported goods worth over US$3.920 billion falling over US$1 billion.
Therefore, the three month’s period has seen a deficit of US$234.525 million while the same period of the previous fiscal year saw a deficit of just over US$89.233 million, the ministry reported.
Myanmar is implementing the National Export Strategy for boosting export but unable to reduce the imports of essential goods. In practice, the efforts to reduce the trade deficit face some difficulties, said Union Minister for Commerce Dr. Than Myint.
“Local consumption is high. Small and medium-sized enterprises especially have to import raw materials. For example, livestock breeding is improving. So we have to import a lot to feed chicken. As tourism improves, sausages and excellent fish have to be imported. Either, we can’t reduce imports of edible oil, diesel, drugs and cosmetics and so on,” the minister said.
