Myanmar-China trade surpasses US$6.8 billion in 10-month fiscal haul

Myanmar-China trade surpasses US$6.8 billion in 10-month fiscal haul
Published 9 March 2024
EMG

Trade between Myanmar and China exceeded US$6,803 million during the 10 months of the 2023-2024 FY, and Myanmar imported over US$4,273 million worth of products from China, according to the Ministry of Commerce.

In the 10 months from April to January of 2023-2024 FY, Myanmar's export value was US$2,529.269 million. The import value was US$4,273,966 million, and the bilateral trade was US$6,803.236 million.

During the fourth quarter of the 2022-2023 FY, Myanmar's exports to China were more than US$1,188 million, accounting for more than 29 percent of total exports, according to the Central Statistics Association under the Ministry of Planning and Finance.

During the first quarter of the 2022-2023 FY from April to June, Myanmar exported US$948.15 million to China. During the second quarter from July to September, exports worth US$791.55 million were exported to China. In the third quarter from October to December of the 2022-2023 FY, exports amount from Myanmar to China amounted to US$906.17 million. During the fourth quarter, January to March 2023, US$1,188.65 million of products was exported.

From October to the end of September of the 2020-2021 FY, the countries that imported the most imports to Myanmar were China, Singapore, Thailand, Indonesia, Malaysia, India, South Korea, Vietnam, Japan and the United States.

In the 2020-2021 FY, Myanmar imported US$4,647.10 million worth of products from China, US$2,604.22 million worth of products from Singapore, US$1980.89 million worth of products from Thailand, US$1,164.51 million worth of products from Indonesia, US$787.34 million worth of products from Malaysia, US$386.54 million worth of products from India, US$376.85 million worth of products from South Korea, US$58 million worth of products from Vietnam, US$352.46 million worth of products from Japan and US$227.32 million worth of products from the United States.

From October 1, 2021 to March 31, 2022, Myanmar's trade volume was US$16.079 billion. In the same period last year, the trade volume reached US$15.971 billion dollars. Therefore, Myanmar's trade volume was US$108.756 million more than the same period last year.

Myanmar exported agricultural products, animal products, fishery products, mineral products, forestry products, manufactured goods (CMP) and other goods. Myanmar imported investment goods, commercial raw materials, consumer goods and CMP raw materials.

The National Export Strategy is being implemented in order to increase exports from Myanmar, and the main priority sectors of the National Export Strategy 2020-2025 are the agricultural product-based food production sector, textile and clothing sector, industrial and electrical sector, fishery industry sector, forest products sector, digital products and services sector, support and delivery service sector and quality management sector.