Myanmar’s trade with foreign trade partners increased to US$1.625 billion as of 21 April in the financial year 2023-2024 from $1.536 million recorded in the year-ago period, the Ministry of Commerce’s statistics showed.
Myanmar’s export was worth over $606.67 million whereas the country’s import was valued at $1.018 billion between 1 and 24 April. With border posts between Myanmar and China resuming, the border trade bounced back to $503.89 million, showing an increase of $210.3 million as against the year-ago period. Similarly, Myanmar’s seaborne trade amounted to over $1.1 billion in the FY2022-2023, indicating a sharp drop of $121.89 million from the year-ago period.
Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods.
The country’s export sector relies more on the agricultural and manufacturing sectors. The Ministry of Commerce is focusing on reducing trade deficit, export promotion, import substitution and market diversification.
The external trade tremendously grew to US$33.9 billion last Financial Year 2022-2023 (April-March), according to the Ministry of Commerce. The figures surged from $30.35 billion in the corresponding period of FY 2021-2022. The external trade stood at $15.5 billion in the past mini-budget 2021-2022 (October-March) period and $29.58 billion in the 2020-2021 FY, as per the Commerce Ministry’s statistics.
Source: The Global New Light of Myanmar