Exports exceed imports over past three months

Myanmar’s lower imports over half of the current six-month mini-budget period (October 2021-March 2022) resulted in a positive trade balance of US$113.693 million, according to data provided by the Ministry of Commerce.
Myanmar’s exports surpassed imports in international trade although overall trade value declined compared to the same corresponding period of the 2020-2021 financial year.
Between 1 October and 7 January, the country’s exports were estimated at $3.9 billion, imports were valued at $3.79 billion this FY. The external trade drastically sank to $7.7 billion from $8.49 billion recorded in the year-ago period.
“This is a positive balance of trade. A trade surplus is harmful only when the government uses protectionism,” a trader points out.
Myanmar witnessed a slump in exports and imports triggered by the coronavirus impacts. Myanmar’s maritime trade climbed up yet the country witnessed a drop in border trade amid the coronavirus impacts and political changes. Neighbouring countries tightened the border security and restrict trading in certain border areas.
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 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 material and supporting products for export promotion and import substitution. — KK/GNLM