Myanmar's trade deficit reaches US$4 billion
Myanmar's foreign trade value for this fiscal year (2016-2017) has reached over US$25 billion, with the trade deficit totalling more than $4 billion, according to official figures.
From April 1, 2016 to February 24 this year, external trade amounted to $25.2 billion, exceeding $636 million compared to the same period last year. Of the total trade value, export value totaled $10.2 billion and import value $15 billion, causing a trade deficit of $4.8 billion.
The second short-term national development plan from 2016-2017 FY to 2020-2021 FY highlights plans to reassess all imported items including luxury goods, except for essentials as a measure to reduce this deficit.
The plan also stresses the need to boost commodity production and control inflation.
According to the annual figures released by the Central Statistical Organisation, Myanmar's trade deficit was US$91.9 million in 2012-2013, $2.5 billion in 2013-2014, US$4.9 billion in 2014-2015 and $5 billion in 2015-2016.
The Ministry of Planning and Finance has submitted a proposed Union budget for the next fiscal year (2017-2018), saying that the country's external trade is expected to reach $29 billion with a trade deficit of about $1 billion in the coming financial year. The export value is estimated to be $14 billion and the import value $15 billion.
