MYANMAR’S external trade between 1 October and 17 Septemberin the current financialyear 2020-2021 sank 21 per centas against the year-ago period,the Ministry of Commerce’s data showed.

The country’s foreign tradeexceeded US$28 billion over tenand a half months, whereas theinternational trade stood at over$35.75 billion in the corresponding period of last FY, according to the data released by the ministry.

During the past ten months,Myanmar’s export was worthover $14 billion whereas, thecountry’s import was relativelylow at $14.1 billion.

Both maritime trade andborder trade dropped amid thecoronavirus impacts. The neighbouringcountries tightened theborder security and the borderposts came to an abrupt stopamid the COVID-19 surging in Myanmar.

At present, the traders havetransaction problems triggeredby the restriction of the privatebanks. Furthermore, the pandemictriggered the cargo shippingcrisis, a market observer shared his opinion.

Myanmar exports agriculturalproducts, animal products,minerals, forest products, andfinished industrial goods, whileit imports capital goods, raw industrialmaterials, and consumer goods.

The country’s export sectorrelies much on the agriculturaland manufacturing sectors.However, the suspended tradein the border checkpoints andthe order cancellation from thewestern countries amid the political export sector for now.

The Ministry of Commerceis focusing on reducing the tradedeficit, export promotion andmarket diversification.The external trade stood at$36.73 billion in the 2019-2020FY,$35.147 billion in the 2018-2019FY,$18.728 billion in the 2018 sixmonth interim period, $33.578billion in the 2017-2018FY and$29.209 billion in the 2016-2017FY,respectively, as per the Commerce Ministry’s statistics. – KK/

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