The value of Myanmar’s imports between 1 April and 23 September of the current financial year 2022-2023 surged to US$8.159 billion, which reflects a sharp rise of $1.55 billion compared to the year-ago period, the Ministry of Commerce’s data indicated. The import value stood at $6.6 billion in the corresponding period of the past 2021-2022 mini-budget period.
The imports of capital goods and consumer goods declined, while the other import groups (intermediate goods and CMP businesses) witnessed a slight increase. The capital goods, such as auto parts, vehicles, machines and steel were brought into the country. The import value was estimated at $1.46 billion as of 23 September this FY. The figure was over $332 million lower than the value registered in the same period of the previous mini-budget period.
Meanwhile, Myanmar imported consumer products worth $1.49 billion, including pharmaceuticals, cosmetics, and palm oil. The imports of consumer products showed a slight decrease of $207.9 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 $3.8 billion from $2.399 billion registered during the year-ago period. During the same period, raw materials worth over $1.34 billion were also imported for the garment sector on the cut-make-pack (CMP) basis, showing an increase of $626.45 million compared with the same time of the last mini-budget period, as per data from the Ministry of Commerce.
Source: The Global New Light of Myanmar