Myanmar-China trade value reaches $5,072m in seven months

Myanmar-China trade value reaches $5,072m in seven months
A Yangon international port handling export and import cargos.
A Yangon international port handling export and import cargos.
Published 28 November 2023

The value of trade between Myanmar and China amounted to more than US$5,072 million in seven months of the current 2023-2024 fiscal year, with goods worth over $3,327 million imported from China, according to the Ministry of Commerce. 

Exports from Myanmar to China amounted to over $1188 million during the fourth quarter of the 2022-2023 fiscal year, accounting for over 29 percent of the total exports, according to the Central Statistics Organization of the Ministry of Planning and Finance.

Myanmar exported goods worth $948.15 million to China during the first quarter from April 2022 to June 2023, goods worth $791.15 million during the second quarter from July to September, goods with $906.17 million during the third quarter from October to December, and goods worth $1,188.65 million during the fourth quarter from January to March.

From October 2020 to September 2021, the countries with the highest imports to Myanmar include China, Singapore, Thailand, Indonesia, Malaysia, India, South Korea, Vietnam, Japan and the United States.

The highest imports into Myanmar during the 2020–2021 fiscal year were $4,647.10 million from China, $2,604.22 million from Singapore, $1,980.89 million from Thailand, $1,164.51 million from Indonesia, $787.34 million from Malaysia, $386.54 million from India, $376.85 million from South Korea, $58 million from Vietnam, $352.46 million from Japan, and $227.32 million from the United States.

From October 1, 2021 to March 31, 2022, Myanmar's trade amounted to $16.079 billion. Thus, the value exceeded $108.756 million compared to the year before. 

Myanmar exports agricultural products, animal products, marine products, mining products, forest products, finished industrial goods (CMP) and other goods. Imports mainly include capital goods, raw materials, consumer goods, and CMP raw materials. The country is also implementing the national export strategy to boost export.