External trade surges to $10.44 bln as of 10 Jan

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MYANMAR’S external trade between 1 October and 10 January in the 2019-2020 financial year reached US$10.44 billion, an increase of $1.489 billion compared to the corresponding period of the 2018-2019 fiscal, according to the Ministry of Commerce.

 

During the same period in the previous FY, trade stood at $8.95 billion, according to data released by the ministry. Both maritime and border trade showed an increase in the current FY compared with the year-ago period, with exports estimated at over $5.06 billion, and imports valued at $5.38 billion.

 

Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods.

 

The country ’s export sector relies more on the agricultural and manufacturing sectors. Export earnings from the CMP (cutting, making, and packaging) garment businesses are rising, while reliance on natural resources, such as natural gas and jade, is lessening.

 

The government is trying to reduce the trade deficit by screening luxury import items and boosting exports, according to the Ministry of Commerce.—GNLM

 

(Translated by Ei Myat Mon)