Data Matters No. 38
China, Thailand and Singapore remain Myanmar’s top trading partners of the past four fiscal years. Comparing Myanmar’s trading partners of the past four fiscal years from the 2018-19 fiscal year to 2021-22 mini-budget period, Malaysia rose to fourth while Japan declined to seventh. The 2020-21 fiscal year experienced an export volume of over USD 15.3 billion and an import volume of over USD 14.6 billion. This total trade volume declined by nearly USD 7 billion compared with the 2019-20 fiscal year.
Within the first six months (from April to September) of the 2022-23 fiscal year newly established by the SAC, the total cross-border trade volume was over USD 17 billion. Of these six months, June and August saw the largest monthly trade volumes at over USD 3 billion each. Of all its trading partners, Myanmar traded most with China, which accounted for over 26 percent of total trade volume. Thailand was Myanmar’s second largest trading partner with over 17 percent of total trade while Singapore was Myanmar’s third largest trading partner with a volume of over USD 2.2 billion.
∎ Why does it matter?
The impact of the economic crisis following the coup and the economic sanctions imposed by Western countries on Myanmar’s foreign trade is crucial for Myanmar’s economy and democratic transition. As business figures provide insight into foreign countries’ perceptions of their own politics and interests, they can be an effective tool for understanding foreign countries’ roles.
∎ Relevant Reading
Statistics regarding domestic and international trade on a monthly and annual basis, as well as differences in trade values between quarters of different fiscal years, can be found on the official website of the SAC’s Ministry of Commerce. A comparison can be made between that figure and those published in the annual reports of the World Bank, the IMF, Myanmar’s trading partners, as well as the Asian Development Bank.