Yangon – Myanmar’s total trade volume in this quarter is more than US$ 500 million higher than in the previous year. The total import exceeds the total export by more than US$ 1 billion.
“The trade deficit pushes inflation and make people’s lives harder,” said u Hla Maung an economist.
Now Myanmar has become a country where developed countries are trying to find market for their products. In terms of the country’s exports, raw materials occupy the major sector. Meanwhile, the demand for imports—electronics such as telephones, machines and vehicles, motor oil, etc.—have been increasing, exacerbating the trade deficit.
Although Myanmar’s trade deficit was less than US$ 1 billion in the financial year 2013-2014, it has reached US$ 1.4 billion so far in this year.
The total export in this quarter reached US$ 2.2 billion while the total import passed US$ 3.6 billion. During the same period last year, the total export amounted US$ 1.7 billion and the total import was US$ 2.8 billion.
The amount of import increased probably due to decreased illegal trade after the government arranged inspection teams to prevent and arrest smuggling at ports and through borders, said U Nyunt Aung, deputy director general of the Commerce and Consumer Affairs Department at the Ministry of Commerce.