Myanmar is expected to meet a trade target of $16.7 billion in exports and $16.3 billion in imports for the 2024-2025 financial year.
Myanmar aimed to achieve a foreign trade balance of $16.5 billion in exports and $16 billion in imports in the 2023-2024 FY.
The country’s GDP (gross domestic product) is expected to grow by 3.8 per cent. Agriculture is expected to contribute 2.5 per cent to Myanmar’s GDP growth, 0.8 per cent is likely to come from the livestock sector, 9.9 per cent from the forest sector, 9.8 per cent from minerals and 4.2 per cent from the industry, 6.3 per cent from electricity, 3.9 per cent from construction, 6.6 per cent from transport, 7.3 per cent from telecommunications, 2.7 per cent from finance, 6.3 from other services and 3.8 from trade sector respectively. Meanwhile, the energy sector is expected to decline by 6.5 per cent, according to the 2024-2025 Financial Year’s National Plan.
According to the statistics of the Ministry of Commerce for the FY 2023-2024, almost ending, imports worth over $15 billion surpassed the exports worth $14.3 billion, showing a trade deficit.
Myanmar exports agricultural products, livestock, fishery, minerals, forest products, manufacturing goods and other goods to the external market. At the same time, it imports capital goods, intermediate goods, consumer goods and raw materials goods imported by the CMP enterprises. — TWA/KK
