Myanmar’s foreign trade by sea up $1.3B since April

Myanmar’s foreign trade by sea up $1.3B since April

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The value of trade by sea between Myanmar and other countries topped US$6.8 billion from April to mid-July of the current year, or $1.3 billion more than that of last year, according to official statistics from the Ministry of Commerce.

Between April and mid-July, the export value of external trade through sea routes was nearly $2.4 billion, while the import value amounted to $4.5 billion in total, with over $2 billion in trade deficit, reported the state-run newspaper New Light of Myanmar.

This time last financial year, the total value of foreign trade reached $5.56 billion, including $1.87 billion from the export sector and $3.69 billion from the import sector, with a trade deficit of $1.8 billion.

Myanmar predominantly exports agricultural products, livestock, fishery products, forest products, minerals, and manufacturing and other products, while capital goods, consumer goods, and raw industrial products are imported into the country.

Efforts are being made by the government to decrease the trade deficit by reducing imported commodities such as luxury products, said the report.

Photo: CC BY-SA 2.0

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