Myanmar has recorded a trade deficit of over US$1.382 billion in the first nearly nine months of the 2023-2024 fiscal year, according to the Ministry of Commerce’s data.

The total trade value from April 1 to December 22 of this fiscal year was $22,194.842 million, with exports accounting for $10,406.273 million and imports for $11,788.569 million.

The import value was over $1,382 million higher than the export value, resulting in a trade gap of over $1.382 billion.

The Ministry of Commerce also reported that the total trade value in the 2022-2023 fiscal year was $33.925 billion, which was $3.573 billion more than the same period of the previous fiscal year.

The export value increased by $1.084 billion to $16.575 billion, while the import value rose by $2.489 billion to $17.349 billion.

Myanmar’s main export items are agricultural products, animal products, marine products, mineral products, forest products, finished industrial goods and other products.

The country mainly imports capital goods, raw materials, consumer goods and CMP raw materials.

To boost its exports, Myanmar is implementing the National Export Strategy 2020–2025, which covers the production of basic foodstuffs, textiles, and clothing, industrial and electricity sector, marine products sector, forest products sector, digital products and services, support services, quality management sector, trade information, the role of service, and innovation.

In the 2020-2021 fiscal year, Myanmar’s exports totaled $29.585 billion, comprising $14.127 billion from October to September and $14.658 billion from September to October. The imports amounted to $17.349 billion, which was $2.489 billion more than the previous fiscal year.