Myanmar's trade plunges because of virus and 'political changes' - paper

Between Oct. 1 and April 2 the value of external trade slumped to $15.78 billion from $20.36 billion in the same period a year earlier, the Global New Light of Myanmar reported. "Myanmar witnessed a slump in exports and imports triggered by the coronavirus pandemic.

Reuters | Naypyidaw | Updated: 15-04-2021 16:38 IST | Created: 15-04-2021 16:17 IST
Myanmar's trade plunges because of virus and 'political changes' - paper
Representative Image Image Credit: ANI

Myanmar's external trade has plunged because of the COVID-19 pandemic and "political changes", a state-run newspaper reported on Thursday, without mentioning violent turmoil following a Feb. 1 coup. Between Oct. 1 and April 2 the value of external trade slumped to $15.78 billion from $20.36 billion in the same period a year earlier, the Global New Light of Myanmar reported.

"Myanmar witnessed a slump in exports and imports triggered by the coronavirus pandemic. Both sea trade and border trade dropped amid the coronavirus impacts and political changes," said the newspaper, which has long been considered a mouthpiece of the military. The military overthrew an elected government led by Nobel laureate Aung San Suu Kyi two and a half months ago after the election commission rejected its complaints of fraud in a November vote swept by her party.

The return of military rule has triggered daily protests and strikes that have crippled the economy. More than 700 people have been killed in attempts by the security forces to suppress the demonstrations, an activist monitoring group says. The newspaper, citing Commerce Ministry data, said exports were estimated at $7.8 billion in the October-April period, down more than $1.7 billion from the same period the previous year.

Imports were valued at $7.9 billion during the period, down $2.85 billion. Myanmar mostly exports agricultural products, animal products, minerals, forest products, and finished industrial goods. Its main imports are capital goods, raw industrial materials, and consumer goods.

The government is trying to reduce the trade deficit by screening luxury import items and boosting exports, the newspaper said. Myanmar's trade deficit was $1.3 billion in the 2019-2020 financial year, the newspaper said, citing the central statistics office.

It had targeted exports of $16 billion and imports of $18 billion for 2020-2021 under a National Planning Law, it said. The Commerce Ministry and statistics office were not immediately available to comment. (Writing by Robert Birsel. Editing by Mark Potter)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Blockchain in Healthcare: Opportunities and challenges

The use of blockchain in healthcare is a relatively new innovation with many of its uses still being explored and related technologies being developed, improved, and scaled. ...

Debate surrounding vaccine passports and development misses bigger picture

... ...

Blockchain vs IOTA: Looking for a better alternative

... ...

For stability, Iraq needs to crack down on corruption

... ...

Videos

Latest News

Separatist leader Ashraf Sehrai laid to rest at his ancestral village in J-K's Kupwara

Tehreek-e-Hurriyat chairman Mohammad Ashraf Sehrai was on Thursday laid to rest at his ancestral village in Kupwara district of Jammu and Kashmir as per COVID protocol, officials said here.Sehrai, who was arrested and booked under the Publi...

Three militants killed in encounter with security forces in J-K's Shopian

Three militants were killed, while one surrendered before security forces during an encounter in Shopian district of Jammu and Kashmir on Thursday, police said.The security forces launched a cordon and search operation in Kanigam area of th...

Cricket-NZ's Black Caps forced to wait for India departure after IPL suspension

The New Zealand contingent involved in the Indian Premier League IPL will fly home on Friday, the countrys cricket board said on Thursday, but skipper Kane Williamson and three others will stay in India until next week before departing for ...

Bihar govt fixes ambulance charges for Covid patients

In wake of surge in COVID-19 cases, the Bihar government has fixed the rates of both AC and non-AC ambulances in the state. As per the order from the state Health and Transport department, not more than Rs 1,500 can be charged for a small n...

Give Feedback