MYANMAR’s external trade between April and March of the last Financial Year 2022-2023 (April-March) tremendously grew to US$33.9 billion, reflecting a significant increase of over $3.57 billion as against the year-ago period, according to the Ministry of Commerce.
The figures surged from $30.35 billion in the corresponding period of FY2021-2022.
Myanmar’s export was worth over $16.575 billion whereas the country’s import was valued at $17.349 billion last FY.
With border posts between Myanmar and China resuming, the border trade bounced back to $8.57 billion, showing an increase of $818.268 million as against the year-ago period. Similarly, Myanmar’s seaborne trade amounted to over $25.35 billion in the FY2022-2023, indicating a sharp rise of $3.74 billion from the year-ago period.
Myanmar targets to achieve exports worth $15.5 billion and imports worth $14 billion in the 2022-2023 FY, the National Planning Law stated.
Therefore, the overall trade value surpassed its targets.
Myanmar exports agricultural products, 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 the trade deficit, export promotion, import substitution and market diversification.
The external trade stood at $15.5 billion in the past mini-budget 2021-2022 (October-March) period and $29.58 billion in the 2020-2021 FY, as per the Commerce Ministry’s statistics. — KK