World Economy

Burma’s New Gov’t to Inherit Huge Trade Deficit

Burma’s New Gov’t to Inherit Huge Trade DeficitBurma’s New Gov’t to Inherit Huge Trade Deficit

With figures topping $5 billion, a widening trade deficit is likely to greet Burma’s new government on April 1, says the ministry of commerce, NewsNow reported. According to the ministry, the total trade volume reached $25.7 billion between April 2015 and March of this year. Import volume hovered around $15.5 billion, while export volume reached only $10.2 billion. The fiscal year ends on March 31, and President-elect Htin Kyaw of the National League for Democracy is due to be sworn in April 1. The total trade figure through the first 11 months of the current fiscal year falls short of the government’s expectation of $30 billion. “Our import volume has significantly increased due to the many projects that have needed infrastructure materials this year, and our export volume has declined because of less oil and gas earnings this year coupled with flooding last year that damaged agricultural products,” Maung Aung, a senior economist at the ministry of commerce said.