Myanmar to reduce imports and boost exports
Maung Maung Win, deputy minister for planning and finance in Myanmar, says measures are being taken…Maung Maung Win, deputy minister for planning and finance in Myanmar, says measures are being taken to cut the trade deficit without hampering trade policies.
“In an attempt to promote the export sector, the country could re-export sugar, betel nut and fuel. Plans are under way to allow the re-export of garlic, white and black sesame seeds, dried chilli, groundnut, cotton, textiles, tyres, fruit, electronics, beauty products, soft drinks, clothes, foods and cooking oil,” he added.
In 2017-18, imports are estimated to reach US$15 billion. Until February 17 this financial year, imports amounted to US$14.4 billion, down US$187 million from 2015-16. The value of capital goods imported by the state-owned sector declined by US$1.8 billion, while private-sector imports increased by US$1.6 billion. The ministry encourages entrepreneurs to reduce imports of goods which are available domestically in a bid to lower the trade deficit.