Myanmar's foreign trade hit 18.3 billion US dollars during the six-month mini-budget or transitional period from April to September 2018, 4.6 billion dollars more than the targeted 13.7 billion dollars, Myanmar News Agency reported Sunday.
The country has changed its fiscal year period from original April-March to Oct-Sept beginning 2018-2019, producing a six-month transitional gap between April and September.
The six-month trade amount was also 2 billion dollars more than the same period of last year.
Of the 18.3 billion US dollars' six-month trade, private sector shared 15.5 billion dollars or 85 percent of the total, Vice President U Myint Swe told a meeting with entrepreneurs in Yangon Saturday.
Import was more than the export, producing a trade deficit, he said, urging the entrepreneurs to strive towards increasing export and conduct import substitution to get free from deficit.
U Myint Swe warned that illegal import through the border was threatening the existence of small and medium enterprises, forcing the government to have formed illegal trade control and prevention groups in nine regions and states where some arrests have been made.
According to latest figures of the Commerce Ministry, Myanmar's trade with foreign countries reached 1.18 billion US dollars in the first two weeks as of Oct. 12 this fiscal year 2018-19 which started on Oct.1.
The country's agricultural products, animal products, fisheries, minerals and forest products are mainly exported to foreign countries while capital goods, intermediate goods and consumer goods are imported into the country.
Courtesy of Global Times