There is a trade deficit of over 1,200 million US dollars more than 20 days left before the end of this fiscal year though the trade deficit is expected to hit 500 million US dollars, according to the figures from the Commerce Ministry.
Till September 6 of 2018-19 FY, the export value hit 15.695 billion US dollars and the import value, over 16.896 billion US dollars. The trade balance shows a trade deficit of 1.201 billion US dollars.
At the first day session of 9th Regular Meeting of the Second Union Parliament, Soe Win, Union Minister for National Planning and Finance said: “The total external trade is expected to hit over 31 billion US dollars and the budget deficit, to lower to around 500 million US dollars.”
During this FY, the total trade deficit declined by over 1.9 billion US dollars, compared with last FY’s figure of over 3.836 billion US dollars. In 2017-18 FY, the total trade value hit over 33 billion US dollars.
During the six-month interim budget of 2018, the total trade value amounted to over 18 billion US dollars and there was a trade deficit of over one billion US dollars.
In a bid to lessen the budget deficit, the Commerce Ministry is working to lay down the national export strategy for development of export sector, relax the procedures, encourage the private sector and export value-added products.
