Tue 22 Apr 2014
Filed under: Business / Trade,News
Myanmar’s trade deficit has seen a new record high at US$ 2.65 billion because of stronger imports in the recent fiscal year 2013-14, according to the Ministry of Commerce.
The statistics show a several-time increase of the trade deficit since 2012-13, which was just over US$ 91 million. Nevertheless, the total trade volume rose from US$ 18 billion to US$ 25 billion during the current year.
Myanmar’s total exports in 2013-14 amounted to US$ 11.1 billion while the total imports figured at US$ 13.75 billion. Both show an increase compared to US$ 8.97 billion in exports and US$ 9.06 billion in imports in 2012-13.
The country recorded US$ 100 million in trade surplus in FY 2011-12, when the first civilian government came into power.
Myanmar’s economy structure mainly relies on the export of natural resources such as teak, gems, marine products and natural gas.