MT News
Myanmar’s foreign trade resulted in a trade surplus of US$-460 million in eight months of 2022-2023 financial year, according to the data released by the Ministry of Commerce.
The country’s exports were worth US$-10.920 billion whereas imports was valued at US$-11.385 billion from 1 April to 25 November 2022 in the 2022-2023 FY, according to the Ministry of Commerce.
As the imports exceeded US$-464.615 million than exports, the foreign trade recorded a deficit of US$-464.615 million in first eight months of present fiscal year.
The overall trade value rose by US$-4.117 billion to US$-22.306 billion compared to the same corresponding period.
Within eight months, the import was up by US$-2.4 billion in comparison with the same period whereas export registered a rise of US$-1.7 billion compared to same period.
The Ministry of Commerce is trying to reduce the trade deficit by screening luxury import items and boosting exports. As Myanmar is developing country, it has to import compulsory materials for domestic infrastructure.
Myanmar exports agricultural produce, animal products, marine products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods.
