Myanmar’s foreign trade reaches over 33.5 bln USD in 11 months of FY 2019-20

The total trade between Myanmar and foreign countries reached over 33.5 billion U.S. dollars in 11 months of the present fiscal year (FY) 2019-2020, according to figures released by the Commerce Ministry on Sunday.

From Oct. 1, 2019 to Aug. 28, 2020, Myanmar earned over 15.9 billion U.S. dollars from export while its import shared over 17.6 billion U.S. dollars.

The country’s trade deficit of present FY recorded over 1.6 billion U.S. dollars, up from over 941.6 million U.S. dollars compared to the corresponding period of FY 2018-2019.

Meanwhile, this FY’s total foreign trade increased by over 1.6 billion U.S. dollars compared to the same period of last FY when it was over 31.9 billion U.S. dollars.

Myanmar exports its agricultural products, animal products, marine products minerals, forest products, manufacturing goods and others while importing capital goods, intermediate goods and consumer goods.

About 80 percent of the country’s trade with foreign countries is done through sea route and its border trade is conducted with neighboring China, Thailand, Bangladesh and India.

 

Source: China – ASEAN Business Council