Myanmar goods trade deficit with Singapore estimated at $2.4 bln in seven months

Myanmar’s trade deficit in goods with Singapore was estimated at US$2.44 billion in the past seven months (Apr-Oct) of the current financial year 2022-2023, the statistics of the Ministry of Commerce indicated.
Singapore is Myanmar’s second largest trading partner in the region, after Thailand. In the current FY, the value of Myanmar’s bilateral trade with Singapore in normal trade and border trade topped $2.64 billion.
The Ministry of Commerce reported that imports surpassed exports in trade with Singapore, with exports reaching over $98.9 million and imports valued at over $2.54 billion.
Myanmar exports agricultural produce, footwear, textiles and clothing, minerals, and animal products to Singapore, while it imports plastic, fuel oil, capital goods, intermediate goods, consumer products, metals, and chemicals.
Myanmar’s bilateral trade with Singapore was registered at $1.72 billion in the 2021-2022 mini-budget period, $2.8 billion in the 2020-2021 FY, $3.8 billion in the 2019-202 FY, $3.5 billion in the FY 2018-2019, $1.99 billion in the 2018 mini-budget period, $3.83 billion in the 2017-2018FY, $2.96 billion in the 2016-2017FY, and $3.69 billion in the 2015-2016FY.—KK