In the nearly two months from October 1 to November 27 of the 2020-2021 fiscal year, Myanmar’s foreign trade exceeded $ 4,300 million, leaving a trade deficit of nearly $ 400 million, according to the Ministry of Commerce. From October 1 to November 27 of the 2020-2021 fiscal year, the foreign trade volume was $ 4,325.303 million. In the same period last year, the trade volume was $ 5854.550 million. Compared to the same period last year, the trade volume decreased by $ 1,529.247 million in the first two months of the current fiscal year compared to the same period last year.
The trade deficit means that imports are higher than Myanmar’s exports. In the first two months of the 2020-2021 fiscal year, Myanmar’s exports were worth $ 1,962.670 million, imports $ 2,362.633 million and a trade deficit of $ 399.963 million. Myanmar’s foreign trade is expected to reach $ 34.7 billion in the 2020-2021 fiscal year and a trade deficit of $ 2.3 billion, according to budget figures for the 2020-2021 fiscal year. In the 2019-2020 fiscal year, Myanmar’s total foreign trade amounted to $ 36.665 billion. Of this, $ 17.643 billion came from exports and $ 19.022 billion from imports.
Union Minister for Economy and Trade Dr Than Myint said that despite the high incidence of COVID-19 in the world, Myanmar has not had a major impact on trade due to cooperation in non-stop trade. Despite the high incidence of COVID-19 in the world, our efforts to ensure that trade is not disrupted have not had a significant impact on trade. As a result, Myanmar’s trade volume reached $ 36.66 billion in the 2019-2020 fiscal year, an increase of $ 582 million in exports and $ 35 million in trade from the previous fiscal year 2018-2019.
Source: Daily Eleven