Mawlamyine, 14 October
Myanmar’s foreign trade revenue has fallen by billions in the current fiscal year, according to the military-run Ministry of Commerce.
Foreign trade was valued at 16 USD from April to September of last fiscal year, but it was only worth more than 15 billion USD in the same period this fiscal year, and trade declined by more than 1 billion USD.
Furthermore, the export sector received just seven billion dollars in the first six months of the current fiscal year, while the import sector earned more than eight billion dollars, resulting in a trade deficit of more than one billion dollars.
An economist told the Than Lwin Times, “Foreign trade is unlikely to improve in the coming spring season, so we may face both a decline in border trade and a budget deficit.”
He added that it is required to withdraw the unnecessary instructions for the export and import sectors and to control the foreign exchange rate to stabilize the value of foreign trade.
A businessman said, “In order to increase foreign trade, we must first take steps to produce domestic products, stabilize the currency, and distribute electricity regularly.”
Myanmar exports some local products, including agricultural products, minerals, forest products, and aquatic products, to foreign countries and mainly imports consumer goods, medicine, food, and general raw materials from foreign countries.
However, the trade deficit led the value of the Myanmar currency to fall and the price of raw materials and basic food to soar dramatically under the military regime.
Myanmar’s economic situation, which has been in a state of decline since the military coup, has not yet recovered, and wrong policies have permanently damaged the country’s economy, according to a report issued by the World Bank early this year.
News: Than Lwin Times
Photo: CJ