Myanmar recorded a trade deficit of K2.08 trillion ($2.08 billion) in the second half of 2013-14 fiscal year, Daw Le Le Thein, deputy minister for national planning and economic development, told a recent parliament session.
Exports earned K5.93 trillion ($5.93 billion) and import volume reached K8.01 trillion ($8.01 billion) during this period, she said while presenting a report on National Economic Plan, released by the Ministry of National Planning and Economic Development.
The report outlined the government’s progress in the second half of the 2013-14FY.
Fulfillment of microeconomic objectives surpassed the target and reached 125 percent of the planned goals, an improvement in performance of 7.5 percent compared to the same period last year, the report said.
According to the report, agriculture accounted for 31.9 percent of the total economy, compared with the previous estimation of 29.9 percent. The industrial sector accounted for 32.7 percent, which is lower than the sector’s estimation of 33.8 percent. The service sector accounted for 35.4 percent which was also lower that its estimated 36.3 percent.
The period coincided with the harvest season, which produced over K9.17 trillion ($9.17 billion) in the agriculture sector.
A total of 35 local enterprises were approved under the Myanmar National Investment Law, which amounted to an investment volume of almost K1 trillion ($1 billion), while 68 foreign companies were approved under the 2012 Foreign Investment Law accounting for K2.37 trillion ($2.37 billion) in investment, according to the report.
The financial services sector during the second half of the 2013-14 fiscal year saw the expanding of bank branches, which increased by 210 to 695, while 470 private money exchange counters have been approved during the period.
The report said 82.5 percent of the planned objectives have been completed in the energy sector, while 99.5 percent were completed in the mining and mineral sector and 95 percent in electric sector during the period.
The government has increased electricity supply in many states and regions thus reducing the private usage of diesel to run generators for household or commercial purposes.
