The Ministry of Commerce said on Tuesday (May 5) that Myanmar ’s trade deficit in the first seven months of the 2019-2020 fiscal year exceeded US $ 1.2 billion, up from US $ 651 million in the same period of the previous fiscal year.
From October 1 to April 24 of this fiscal year, the country earned over $10.4 billion while its import reached over $11.6 billion.
In the same period of fiscal year 2018-2019, Myanmar ’s total foreign trade exceeded US $ 19.35 billion, exports exceeded US $ 9.34 billion, and imports exceeded US $ 10 billion.
About 80% of the country’s trade with foreign countries is carried out by sea routes, and its border trade is carried out with neighboring countries China, Thailand, Bangladesh and India.
Myanmar ’s agricultural products, animal products, aquatic products, mineral products, forest products, manufactured products and other products are exported, while the country imports capital goods, intermediate products and consumer products.
The trade authorities have been working hard to promote the country ’s exports and reduce imported luxury goods to reduce the trade deficit.