Myanmar's foreign trade reaches over $10b in three months

Published: July 21, 2018 13:14:17 | Updated: July 26, 2018 09:50:27

File Photo (Collected)

Myanmar's trade with foreign countries has reached $10.2 billion as of July 17 during the six-month transitional period which started in April, according to the figures of the Commerce Ministry Saturday.

The country has changed its fiscal year period from original April-March to Oct-Sept beginning 2018-19, producing a six-month transitional gap.

During the over three months, the country's export amounted to $4.5 billion while its import shared $5.6 billion.

Meanwhile, the country suffered foreign trade deficit of $1.29 billion in the first three months of the transitional period, with a decrease of nearly $50 million, compared to the same period in last fiscal.

In the last fiscal, FY 2017-2018, which ended on March, the total foreign trade amounted to $33.3 billion, reports Xinhua.

The country targets to reach $13.5 billion foreign trade during the six-month transitional period.

Myanmar's agricultural products, animal products, fisheries, minerals and forest products are mainly exported while capital goods, intermediate goods and consumer goods are imported into the country.

The authorities are exerting efforts to boost the country's exports as well as to reduce the imported luxury commodities to reduce the trade deficit.

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