Myanmar’s foreign trade surges to $3.4 bln over one month

MYANMAR’s external trade between 1 April and 13 May of the 2022-2023 Financial Year tremendously rose to US$3.438 billion, indicating a sharp increase of $470.98 million as against the year-ago period, according to the Ministry of Commerce.
The figures soared from $2.967 billion in the corresponding period last year.
Myanmar’s export was worth over $1.69 billion whereas, the country’s import was valued at $1.74 billion over one month.
The border trade dropped owing to the closure of the border post by the main trade partner China amid the coronavirus impacts, with a decrease of $116.97 million as against the year-ago period. However, the maritime trade registered a significant increase of US$587.95 million over one month.
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 focusing on reducing the trade deficit, export promotion, import substitution and market diversification.
The external trade stood at $15.5 billion in the past mini-budget 2021-2022 (October-March) period and $29.58 billion in the 2020-2021FY, as per the Commerce Ministry’s statistics. — KK /GNLM