During the mini budget period from April to September this year, the total trade volume reached US$ 18.3 billion, said Vice-President-1 Myint Swe, at a regular meeting with local entrepreneurs, at Union of Myanmar Federation of Chambers of Commerce and Industry (headquarters) in Yangon on November 17.
“The country sees a trade increase. There have long been trade deficits. We need to cooperate with the private sector as the export volume is relatively low," he added.
In 2017-2018 fiscal year, the total trade volume hit US$ 33.53 billon. We are working to promote the export sector. The government has suspended the timber extraction due to the environmental conservation. Some export items have declined. Efforts should be made to export the new items and maintain the current export items.
During the six-month period, the total trade volume was expected to reach US$ 13.7 billion. The trade volume increased by US$ two billion compared with the same period last year. The private sector’s trade amounted to US$ 15.57 billion, accounting for 85 per cent of the total trade. We will pay special attention to the export promotion, he added.
From October 1 to November 2, 2018-2019 FY, the external trade hit over US$ 2.917 billion, up US$ 280 million compared with the same period last year. There is a trade deficit of nearly US$ 370 million, according to the figures from the commerce ministry.
