Sub-title:
Myanmar saw a shrinking of its trade deficit to US$1.1 billion in fiscal 2018-19, the first time in six years that exports grew faster than imports.
Description:
"“The trade deficit for 2018-19 declined substantially due to higher export volumes and a dip in imports compared to last year,” said U Khin Maung Lwin, assistant secretary at the Ministry of Commerce (MOC).
While some question if the fall in imports is as a result of a slower economy, experts see no cause for concern yet, saying the dip is due to higher volumes of local production and stricter regulations. Meanwhile, they expect exports to rise further, driven by growth and investments.
Total trade volumes for the period between October 1, 2018 and September 30, 2019 were almost $35 billion, with exports valued at $16.9 billion compared to imports of $18 billion. At $1.1 billion, the trade deficit falls short of the government’s target of $500 million.
In comparison, total trade volumes the year before were slightly higher at $35.9 billion, with the trade deficit for that year exceeding $3 billion. Exports totaled $16.4 billion while imports were valued at $19.4 billion..."
Source/publisher:
"Myanmar Times" (Myanmar)
Date of Publication:
2019-10-21
Date of entry:
2019-10-22
Grouping:
- Individual Documents
Category:
Countries:
Myanmar
Language:
English
Resource Type:
text
Text quality:
- Good