There has been a deficit of just over US$7 million over the past three months of this fiscal year falling by over US$970 million compared to the same period of last year, according to official figures from the Ministry of Commerce.  

Myanmar is gunning for its trade deficit amount to drop to only US$500 million in the current 2019-2020 fiscal year. 

Export value from October 1 to December 27 in the current 2019-2020 FY reached US$4.564 billion while import value amounted to US$4.572 billion. Therefore, trade deficit in three months was just US$7.229 million whereas that of the same period of last year hit US$980.729 million. 

In the three months of this financial year, export value hit over US$4.5 billion exceeding about US$1.2 billion compared to the same period of last year. 

During Myanmar Entrepreneurship Summit 2019 held at Fortune Plaza in Yangon on November 16, Union Minister for Commerce Dr Than Myint told the media that trade deficit in the current financial year was expected to be just about US$500 million but he pointed out difficulties and challenges. 

The total trade value is projected to hit 34 billion US dollars in 2019-20 FY and the export sector, to earn 18 billion US dollars, the minister said.