Myanmar’s foreign trade value drops by $7.39 bln this FY

Myanmar’s foreign trade value hit over US$27.151 billion till 3 September in the current financial year 2020-21, declining by $7.39 billion when compared to the same period of last FY, according to the Ministry of Commerce.
The foreign trade value was $27.151 billion from 1 October 2020 to 3 September 2021, while the previous FY saw over $34.55 billion in the same period. During these periods, there was a decline of over $7.39 billion.
During 10 months of this FY, China topped the list of the 10 Myanmar’s exported countries with $4,408.30 million, followed by Thailand with $2,548.12 million, the Ministry’s figures said.
In 2019-2020 FY, Myanmar exported goods worth US$3,985.06 million to China, US$2,091.81 million to Thailand, US$673.87 million to Japan, US$485.50 million to India, US$434.67 million to the US, US$261.71 million to Germany, US$245.75 million to the UK, US$233.48 million to Spain, US$203.72 million to the Netherlands and US$198.29 million to South Korea, according to the data from the commerce ministry.
The value of Myanmar’s trade with China through maritime and sea trade channels totalled over $12.13 billion in October and September of the 2019-2020 financial year, including $5.4 billion worth of exports and $6.7 billion for imports, according to data released by the Ministry of Commerce.
China is Myanmar’ largest trading partner and its second-largest source of investment. Business centres will be established in Myanmar and China to promote trade and investment, according to the Ministry. – ZYA/GNLM