Home Insider Insider News Rising Exports Trims Trade Deficit to $514 Million

Rising Exports Trims Trade Deficit to $514 Million

In the last one and a half months of the fiscal year 2018-2019, Myanmar has cut its trade deficit to $514.7 million from $981 million during the same period last year, on the back of rising exports. The country’s external trade has increased to $4.74 billion this fiscal year from $439 million last year. The total external trade includes an estimated $2.1 billion in exports and $2.6 billion in imports. The country records higher export value of $453 million and lower import value of $13.9 million compared to similar period of last fiscal year. The country export sector relies primarily on the agricultural and manufacturing sectors. Earnings from the export of CMP (cutting, making, and packaging) garment businesses are rising, while exports of natural resources such as natural gas and jade are declining. The government has been trying to reduce the trade deficit by screening luxury import items and boosting exports. Trade via sea has brought in $3.5 billion in the current fiscal year, while border trade fetched $1.2 billion, according to data released by the Ministry of Commerce.