Myanmar records trade surplus in mini-budget period

According to the data provided by the Ministry of Commerce, Myanmar’s lower imports and higher exports in the past six-month mini-budget period (Oct 2021-Mar 2022) resulted in a positive trade balance of US$169 million.
Myanmar’s exports exceeded imports in international trade. Moreover, overall trade value rose compared to the same corresponding period of the 2020-2021 Financial Year.
Between 1 October 2021 and 31 March 2022, the country’s exports were estimated at $8.123 billion, and imports were valued at $7.95 billion this FY. The external trade remarkably soared to $16.079 billion from $15.97 billion recorded in the year-ago period.
Myanmar’s maritime trade climbed up, yet the country witnessed a drop in border trade following the closure of some border posts by China, the leading trade partner.
Myanmar exports agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, raw industrial materials, and consumer goods. Moreover, import fall led to the largest trade surplus of $677 million in the last FY 2020-2021, with $15.36 billion worth of exports outperforming $14.69 billion worth of imports.
The country’s export sector relies more on the agricultural and manufacturing sectors. The Ministry of Commerce is trying to reduce the trade deficit by screening luxury import items and boosting exports. The country mainly imports essential goods, construction materials, capital goods, hygienic materials and supporting products for export promotion and import substitution. — KK/GNLM