Myanmar records trade surplus of $321 mln in past mini-budget period

LOCAL NEWS

Myanmar’s external trade in the past mini-budget period (October 2021-March 2022) amounted to US$16.234 billion, comprising export worth $8.279 billion and imports valued at $7.955 billion. The trade surplus of $324 million was recorded as exports surpassed imports.
The figures reflected an increase of $263 million in overall trade compared to the same corresponding period (October-March) in the 2020-2021 Financial Year.
During the mini-budget period, Myanmar shipped rice, broken rice, corn, beans and pulses, fishery products, livestock and animal products and the finished garment products on a Cutting-Making-and-Packing basis through maritime trade. The value of maritime exports was up by over $1600 million against the year-ago period. Similarly, cross-border trade with the neighbouring countries also performed exceptionally well following the reopening of some border posts between Myanmar and China. The overall exports through the border and maritime trade channels rose by $100 million compared to those recorded in the same period last year.
Unimportant goods such as vehicles and palm oil imports depending on consumer demand were scrutinized in 2021-2022 FY, coupled with import substitution to minimize the foreign currency outflows. Consequently, the imports significantly fell.  Regardless of the hike in edible oil, the value of imports slid only ten per cent of the targeted value. The import value was up by $164 million as against last year.
Therefore, during the mini-budget period, the export figure indicated exceeded the targeted export value ($8.2 billion) by 101 per cent, and imports performed 90 per cent of the target import amount ($8.8 billion). Thus, the total trade value reached 95 per cent of the targeted value ($17 billion). — MNA

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