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Myanmar’s foreign trade declines by $6.98 bln this FY

Myanmar’s foreign trade was worth US$26.11 billion as of 20 August in the current financial year 2020-21, declining by nearly $7 billion when compared to the same period that of last FY, according to the Ministry of Commerce. The foreign trade value was $ 26.11 billion from 1 October to 20 August while the previous budget year saw $33.1 billion in the same period. Thus, there was a decline of $6.98 billion.

As Myanmar’s foreign trade was 33.1 billion in the last FY, export decreased by 18%, and imports decreased by 25% and trade volume decreased by 22%. During the past ten months, Myanmar’s export was worth over $13.03 billion whereas the country’s import was relatively low at $13.08 billion. In the first eight months of this FY, China topped the list of the 10 countries to which Myanmar exported goods most.

Myanmar exported goods worth US$3,985.06 million to China, US$2,091.81 million to Thailand, US$673.87 million to Japan, US$485.50 million to India, US$434.67 million to the US, US$261.71 million to Germany, US$245.75 million to the UK, US$233.48 million to Spain, US$203.72 million to the Netherlands and US$198.29 million to South Korea, according to the data from the Commerce Ministry. Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods.

Source: The Global New Light of Myanmar

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