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Myanmar goods trade deficit with Singapore estimated at $1.38 bln this FY

Myanmar trade deficit in goods with Singapore was estimated at US$1.38 billion in the past seven months (Oct-Apr) of the current financial year 2020-2021, Myanmar Customs Department’s statistics indicated. The value of Myanmar’s bilateral trade with Singapore in maritime trade and border trade topped $1.624 billion in the past seven months.

The Myanmar Customs Department reported that imports surpassed exports in trade with Singapore, with exports reaching over $117.78 million and imports valued at over $1.5 billion. Singapore is Myanmar’s second-largest trading partner in the region, after Thailand.

It accounted for 10.56 pc of total trade in FY2016-2017 with an estimated trade value of $3.4 billion, 11.59 pc in FY2017-2018 with a trade value of $4.15 billion, 9.98 pc in the FY2018-2019 with $3.5 billion and over 12 pc in the FY2019-2020 with $3.8 billion respectively.

Myanmar exports agricultural products such as broken rice, pulses, sesame seeds, onion, footwear, textile and clothing, minerals, and other products to Singapore, while it imports plastic, fuel oil, edible oil, transport equipment, chemical elements and compounds, wheat flour, pharmaceutical products, dairy product and consumer product.

Source: The Global New Light of Myanmar

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