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Myanmar imports surpass exports in trade with Singapore this FY

The value of Myanmar’s imports exceeded exports in bilateral trade with Singapore in the past ten months (Oct-July) of the current fiscal year 2020-2021, with exports reaching over $181.4 million and imports valued at over $2.34 billion, according to the data from the Ministry of Commerce.

Myanmar trade deficit in goods with Singapore was estimated at US$2.158 billion in the past ten months (Oct-July) of the current financial year 2020-2021, the ministry’s statistics indicated. Singapore is Myanmar’s second largest trading partner in the region, after Thailand. In the current FY, the value of Myanmar’s bilateral trade with Singapore in normal trade and border trade topped $2.5 billion.

Myanmar exports agricultural products, footwear, textiles and clothing, minerals, and animal products to Singapore, while it imports plastic, fuel oil, capital goods, para-finished goods, consumer products, metals, and chemicals. Myanmar’s bilateral trade with Singapore was registered at $3.5 billion in the last fiscal year 2018-2019, $1.99 billion in the 2018 mini-budget period, $3.83 billion in the 2017-2018 FY, $2.96 billion in the 2016-2017 FY, and $3.69 billion in the 2015-2016 FY.

Source: The Global New Light of Myanmar

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