Myanmar's trade deficit was set to be US$500 million this fiscal year, but it has reached over US$1,200 million two weeks before the end of the fiscal year, according to sources from the ministry of commerce.
From October 1 to September 13 in the current 2018-2019 fiscal year, export value amounted to US$15.976 billion while import value totalled over US$17.218 billion, causing a trade deficit of US$1,241 million.
During the first-day session of the ninth regular parliamentary meeting, Union Minister for Planning and Finance Soe Win said efforts would be made to have over US$31 billion in foreign trade and promised to reduce to USD 500 million in trade deficit.
Seventeen days before the end of this financial year, however, the trade deficit has reached more than US$1.2 billion. But this year's deficit fell by over US$1.930 billion compared to the previous fiscal year.
The 2017-2018 fiscal year saw over US$33 billion in trade value and US$3.836 billion in trade deficit.
The mini budget period in 2018 saw over US$18 billion and over US$1 billion in trade deficit.
To reduce trade deficit and promote trade, the commerce ministry is taking measures such as adopting national export strategy development plans, relaxing the procedures, encouraging the private sector, increasing production of value-added goods, getting GSP opportunities and extending export market.
