Myanmar’s military regime is desperate to halt a dire collapse of exports, after Commerce Minister Tun Ohn revealed the country’s “runaway trade deficit” last week, which shot up to nearly $1 billion in the first six months of the 2023-24 fiscal year, according to a report by Irrawaddy, which noted that was a disastrous turnaround from the $66 million deficit recorded in the same period (April to September) last year.
The ministry has so far only released figures for trade up to the end of August with the five-month deficit reaching $677 million, but Ohn revealed that first-half exports were only at 46% of normal capacity, it said, while imports reached just 53% during the first six months of the fiscal year. He reportedly blamed the drop in exports of rice, sesame, rubber, and garments on “falling demand from foreign buyers, muddled exchange rates, and smuggling”.
Read the full report: Irrawaddy.
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