8 February 2021
Myanmar’s external trade between 1stOctober and 22ndJanuary in the current financial year 2020-2021 touched a low of 9.7 billion USD, a sharp drop of $2.48 billion compared with the same period of the FY 2019-2020, according to the Ministry of Commerce. During the same period in the previous FY, trade stood at $12.18 billion, according to the ministry data.
Over the past three months, Myanmar’s export was worth over $4.7 billion, which plunged from $5.7 billion registered a year-ago period. Meanwhile, the country’s import was valued $4.968 billion, showing a decrease of $1.47 billion compared with the last FY. Both sea trade and border trade dropped amid the coronavirus impacts. The neighbouring countries tightened the border security and limit the trading time to contain the spread of the virus.
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 government is trying to reduce the trade deficit by screening luxury import items and boosting exports.
Under the National Planning Law for the Financial Year 2020-2021, Myanmar intends to reach an export target at 16 billion USD and import at $18 billion. The Ministry of Commerce is focusing on reducing trade deficit, export promotion and market diversification.
Since 2011, the Ministry of Commerce has adhered to its reform policy. A series of moves to liberalize and open the economy have been introduced through policy development to improve the trade environment.
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