The value of bilateral trade between Myanmar and South Korea in the first 10 months of the 2017-2018 fiscal year (FY) exceeded US$635 million, including $236 million in exports and $399 million in imports, according to figures release by the commerce ministry.
Rice and broken rice, coffee, mangoes, pulses, apparel produced by Myanmar’s garment sector on cut-make-pack basis, shrimp and sesame oil, among other things, are exported to South Korea, while Myanmar imports capital goods such as machinery and equipment, raw industrial goods such as fertilisers and garment materials, and consumer goods such as cosmetic products.
The value of bilateral trade between the two countries was $866 million in the 2016-2017 FY, $657 million in the 2015-2016 FY, $862 million in the 2014-2015 FY, $1.57 billion in the 2013-2014 FY, $623 million in the 2012-2013 FY, and $667 million in the 2011-2012 FY. A month prior to the end of the 2017-2018 FY, foreign direct investments worth some $251 million were brought into Myanmar by South Korea. South Korea is the sixth largest foreign investor in Myanmar. Multinational corporations such as Posco, Daewoo, Samsung and Hyundai from South Korea have already grabbed market shares in Myanmar.
Additionally, the Korea International Cooperation Agency (KOICA) has provided a grant aid for sustainable rural development and capacity building in public service, technology, education and fundamental infrastructure building.