MYANMAR’s external trade between 1 April and 18 November of the current financial year 2022-2023 tremendously edged up to US$21.468 billion, reflecting a significant increase of $3.9 billion from the year-ago period, according to the Ministry of Commerce. The figures surged from $17.55 billion in the corresponding period last year.
Myanmar’s export was worth over $10.427 billion whereas the country’s import was valued at $11 billion over the past seven and a half months. The border trade was up by $89.595 million, while the seaborne trade registered a significant rise of $3.8 billion. Myanmar exports agricultural produce, 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 but export promotion, import substitution and market diversification. The external trade stood at $15.5 billion in the past mini-budget 2021-2022 (Oct-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