The value of Myanmar’s imports between 1 October and 26 November of the current mini-budget period 2021-2022 (October-March) plummeted to US$2.1 billion, which reflects a drop of $208 million compared to the year-ago period, the Ministry of Commerce’s data indicated. The import value stood at US$2.3 billion last FY2020- 2021. The imports of capital goods declined last month, while the other import groups (consumer, intermediate goods, and CMP businesses) witnessed a slight increase.
Last month, capital goods, such as auto parts, vehicles, machines, steel, and aeroplane parts were brought into the country. Their import value was estimated at $396.34 million. The figure was over $412 million lower than those values registered in the same period of the previous FY. Meanwhile, Myanmar imported consumer products worth $514.6 million, including pharmaceuticals, cosmetics, and palm oil. The imports of consumer products showed a slight decrease of $13.3 million compared with the same period in the previous FY.
Intermediate goods make up the largest share of Myanmar’s imports, with petroleum products and plastic raw materials being the main import items. This year, imports of raw materials climbed up to $873.4 million from $695.7 million registered during the year-ago period. During the same period, raw materials worth over $318.3 million were also imported for the cut-make-pack (CMP) garment sector, showing an increase of $39.9 million compared with last FY. The top 10 import countries to Myanmar are China, Singapore, Thailand, Malaysia, Indonesia, India, Viet Nam, Japan, the Republic of Korea and the US, as per data of the Ministry of Commerce.
Source: The Global New Light of Myanmar