Trade deficit hits over one billion USD

Trade deficit hits over one billion USD
A jetty in Yangon. (Photo-Kyi Naing)
A jetty in Yangon. (Photo-Kyi Naing)
Published 1 March 2020

 

Yangon--Till 14 February of 2019-2020 fiscal year, there was a trade deficit of 1.012 billion US dollars, up 40. 795 million US dollars, compared with the same period last year, according to the Commerce Ministry.

During this period, the exports amounted to 6.761 billion US dollars, up 1.053 billion US dollars, compared with the same period last year while the imports hit 7.774 billion US dollars, up 1.094 billion US dollars.

This time last year, the trade deficit hit 971.805 million US dollars.

“Myanmar is implementing the National Export Strategy for export sector promotion. The government is working to lower trade deficit. The country is unable to reduce the imports of essential goods. In practice, the efforts to reduce the trade deficit face some difficulties. Local consumption is high. Especially, small and medium-sized enterprises have to import raw materials,” said Union Minister for Commerce Dr. Than Myint.