YANGON, Sept. 20 (Xinhua) -- Myanmar's commerce ministry has set a target of 17 billion U.S. dollars for total foreign trade in the six-month interim budget period which will start on Oct. 1, an official of the ministry told Xinhua on Monday.
Myanmar has recently announced to change the practice of its fiscal year from original October-September to April-March beginning 2022-2023, producing a six-month interim budget period from October this year to March next year.
During the six-month transitional period, the country targets to earn 8.2 billion U.S. dollars from exports while its import value is expected to reach 8.8 billion U.S. dollars, Assistant Secretary U Thaung Naing of the commerce ministry said.
"The present situation of U.S. dollars' appreciation is a challenging factor for both import and export markets in order to meet the trade target," he said, adding that the ministry has been in cooperation with the central bank and relevant organizations to stabilize the foreign currency exchange market.
According to official figures, Myanmar's total foreign trade has reached 27.6 billion U.S. dollars as of Sept. 10 of present FY 2020-2021.
From Oct. 1, last year to Sept. 10 this year, the country has earned over 13.7 billion U.S. dollars while its import valued at over 13.8 billion U.S. dollars.
The present fiscal year's foreign trade showed a decrease by over 7.5 billion U.S. dollars, compared to the same period of the last fiscal year, 2019-2020, when it was recorded at over 35.1 billion U.S. dollars, the ministry's figures said.
About 80 percent of the country's trade with foreign countries is done through sea route and its border trade is conducted with neighboring China, Thailand, Bangladesh and India.
The country exports agricultural products, animal products, fisheries, minerals and forest products, manufacturing goods and others to foreign countries while capital goods, intermediate goods and consumer goods are imported into the country. Enditem