Published July 24, 2018
By Oke Kyaw Hein@Myanmar Business Today
In order to balance the trade deficit, U Ye Min Aung, Vice President of UMFCCI urged the government to adopt necessary measures to cut abundant imports in his remarks during a Union of Myanmar Federation of Chamber of Commerce and Industry (UMFCCI) meeting between the Vice President of Myanmar and local business leaders.
He proposed adopting import policies such as minimum access, tariff rates and quota, and importing only essential goods to assist local products in a competitive market.
However, Dr. Than Myant, Union Minister for the Ministry of Commerce, suggested that it is not yet possible to reduce imports, since imported goods are essential to the daily operation of the country. Myanmar should focus instead on improving the quantity and quality of exports.
Currently, Myanmar is implementing a National Export Strategy that was enacted under the previous administration. So far the strategy has only shown minimal signs of reducing the trade deficit.
As of June 29 from the beginning of 2018 Fiscal Year, Myanmar imported $4.9 billion worth of goods, while exports amounted to only $3.9 billion. Exports surged by $838 million, and imports increased by $487 million, leaving a deficit of approximately $1 billion USD, according to the Ministry of Commerce.
Original Source: https://www.mmbiztoday.com/articles/umfcci-urges-government-adopt-necessary-measures-cut-imports