BILATERAL trade between Myanmar and Australia, a country in Oceania, within the four months in the present six-month fiscal
period, totalled US$43.9 million, down by $20.039 million from this time last year, according to the Ministry of Commerce.
In bilateral trade, Myanmar’s imports always outdo its exports. From 1 April
to 31 July this year, Myanmar imported a wide range of products amounting to $36 million from Australia, whereas its exports to the island nation were valued at $7.9 million.
At the same period last year, Myanmar imported $56.2 million worth of foreign goods to Australia and exported $7.742 million worth of domestic products, totalling $63.9 million.
When compared with last year, this year saw a significant decrease in value of bilateral imports by $20.183 million, however, the export value slightly increased by $0.144 million.
Australia imports crustaceans, fish, seafood and vegetables from Myanmar, and exports wheat, medicaments for veterinary purposes, pigments and paints, as well as varnish and coal.
Myanmar conducts bilateral trade with Australia mainly through by sea. According to the ministry’s data, the bilateral trade was at its peak in the last financial year 2017-2018, reaching $170 million. Trade between the two countries was
$77 million in the 2011-2012 FY, $86 million in the
2012-2013 FY, $102 million in the 2013-2014 FY, $74 million in the 2014-2015 FY, $84 million in the 2015-2016 FY and $144 million in the 2016-2017 FY.
According to the Directorate of Investment and Company Administration (DICA), Australia’s new investment in Myanmar in the past five months reached $1.865 million. There was no FDI from the island nation in the last 2017-2018 FY. Australia’s investment in Myanmar totalled $16.29 million in the 2016-2017 FY. As a partner country, Australia continues its support to help Myanmar carry out political, economic and social change.