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.

Link: http://www.elevenmyanmar.com/index.php?option=com_content&view=article&id=5800:trade-deficit-sees-record-high-at-us-2-65-bn&catid=33:business&Itemid=356