Myanmar trade deficit at record high

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Myanmar tradeMyanmar’s trade deficit has seen a new record high of $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 $91 million. Nevertheless, the total trade volume rose from $18 billion to $25 billion during the current year.

Myanmar’s total exports in 2013-14 amounted to $11.1 billion while the total imports figured at $13.75 billion. Both show an increase compared to $8.97 billion in exports and $9.06 billion in imports in 2012-13. The country recorded $100 million in trade surplus in fiscal year 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.

The country recorded $4.1 billion in foreign investment in the fiscal year 2013-2014, tallying the total investment from 34 countries to $46 billion, according to Directorate of Investment and Companies Administration. The number of countries invested in Myanmar increased by two from 32 in the previous fiscal year. Some 50,571 jobs were created by December 2013 due to the inflow of foreign capital.

Foreign investment projects include energy, petroleum and natural gas, commodities, mineral extraction, hotel and tourism, property development, livestock, fisheries and agriculture. Last year saw a steady flow of investment being channeled to the production of commodities, said the Myanmar Investment Commission.

China ranks first with more than $14 billion in investment, followed by Thailand ($10 billion) and Hong Kong ($6 billion).

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Reading Time: 1 minute

Myanmar’s trade deficit has seen a new record high of $2.65 billion because of stronger imports in the recent fiscal year 2013-14, according to the Ministry of Commerce.

Reading Time: 1 minute

Myanmar tradeMyanmar’s trade deficit has seen a new record high of $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 $91 million. Nevertheless, the total trade volume rose from $18 billion to $25 billion during the current year.

Myanmar’s total exports in 2013-14 amounted to $11.1 billion while the total imports figured at $13.75 billion. Both show an increase compared to $8.97 billion in exports and $9.06 billion in imports in 2012-13. The country recorded $100 million in trade surplus in fiscal year 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.

The country recorded $4.1 billion in foreign investment in the fiscal year 2013-2014, tallying the total investment from 34 countries to $46 billion, according to Directorate of Investment and Companies Administration. The number of countries invested in Myanmar increased by two from 32 in the previous fiscal year. Some 50,571 jobs were created by December 2013 due to the inflow of foreign capital.

Foreign investment projects include energy, petroleum and natural gas, commodities, mineral extraction, hotel and tourism, property development, livestock, fisheries and agriculture. Last year saw a steady flow of investment being channeled to the production of commodities, said the Myanmar Investment Commission.

China ranks first with more than $14 billion in investment, followed by Thailand ($10 billion) and Hong Kong ($6 billion).

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