ZCZC
BCN-16
MYANMAR-FOREIGN-TRADE
Myanmar’s foreign trade surpasses 18 bln USD in 6-month mini-budget period
YANGON, Nov. 18, 2018 (BSS/Xinhua) – Myanmar’s foreign trade hit 18.3
billion U.S. dollars during the six-month mini-budget or transitional period
from April to September 2018, 4.6 billion dollars more than the targeted 13.7
billion dollars, Myanmar News Agency reported Sunday.
The country has changed its fiscal year period from original April-March
to Oct-Sept beginning 2018-2019, producing a six-month transitional gap
between April and September.
The six-month trade amount was also 2 billion dollars more than the same
period of last year.
Of the 18.3 billion U.S. dollars’ six-month trade, private sector shared
15.5 billion dollars or 85 percent of the total, Vice President U Myint Swe
told a meeting with entrepreneurs in Yangon Saturday.
Import was more than the export, producing a trade deficit, he said,
urging the entrepreneurs to strive towards increasing export and conduct
import substitution to get free from deficit.
U Myint Swe warned that illegal import through the border was threatening
the existence of small and medium enterprises, forcing the government to have
formed illegal trade control and prevention groups in nine regions and states
where some arrests have been made.
According to latest figures of the Commerce Ministry, Myanmar’s trade with
foreign countries reached 1.18 billion U.S. dollars in the first two weeks as
of Oct. 12 this fiscal year 2018-19 which started on Oct.1.
The country’s agricultural products, animal products, fisheries, minerals
and forest products are mainly exported to foreign countries while capital
goods, intermediate goods and consumer goods are imported into the country.
BSS/AFP/HR/1245