Myanmar registers trade deficit in FY 2014-15

Myanmar registered a trade deficit of 4.9 billion U.S. dollars in the fiscal year 2014-15 that ended on March 31, figures from the Ministry of Commerce showed Thursday.

With its total foreign trade amounting to 27.79 billion U.S. dollars during the period, its export stood at 11.45 billion U.S. dollars while its import took 16.34 billion U.S. dollars.

Border trade accounted for 4.22 billion U.S. dollars of the total export and 2.35 billion U.S. dollars of the total import.

Myanmar mostly exports agricultural produce, animal by-products, fishery products, mine and forest products while imports consumer products, raw materials and investment goods.

To tackle the trade deficit, the government is planning to implement the National Export Strategy, which focuses on seven sectors -- rice, peas and pulses, fisheries products, textiles, timber and forest products, rubber and tourism.

According to the Central Statistical Organization, Myanmar suffered a trade deficit of 2.652 billion U.S. dollars in the fiscal year 2013-14, when it registered a total trade volume of 24. 868 billion U.S. dollars with export taking up 11.108 billion U.S. dollars and import representing 13.76 billion U.S. dollars. Endi