An internationally backed export support program will be implemented next month to help reduce the country’s trade deficit, the Ministry of Commerce says. The program will follow completion this month of the National Export Strategy Workshop called to discuss the export deficit Myanmar has run up over the past two years.
Norway, Germany, Japan and China will provide financial and technical assistance, said commerce ministry spokesperson U Win Myint.
“We know how to solve the problems of the lack of capital and technology in our domestic market through the workshop,” he said. “We will announce in November what the solutions are,” he said.
Total trade volume in the current year is more than US$11 billion, of which exports amount to $5.4 billion, leaving a $500 million trade deficit, mainly because of the import of vehicles and construction materials for investment, the ministry said.
Spokesperson U Win Myint added that trade regulations governing remittance services and interest rates would be required.
The deficit has occurred since export credits were abolished two years ago, ending a practice by which importers bought the credits, which were priced 10 percent higher than the US dollar value, to buy products, he said.
source: The Myanmar Times
http://www.mmtimes.com/index.php/business/8504-new-trade-program-on-way.html
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