Data Matters No. 24
(This article is a translation of the original Burmese language version that ISP-Myanmar posted on its Facebook page on June 9, 2022.)
Myanmar’s foreign trade topped US$16 billion during the first mini-budget period set by the State Administration Council (SAC). Exports accounted for nearly US$8.3 billion, while imports added nearly US$8 billion. Overall trade value declined in this period over the previous financial year by more than US$160 million. Trade with China during this period brought in more than US$4.2 billion, a drop of more than US$1.3 billion for the same period last year.
Trade with ASEAN countries exceeded US$6.8 billion during the mini-budget period. Thailand topped the list with almost US$3 billion, an increase of more than US$520 million over the previous financial year. QUAD countries contributed more than US$2 billion, while European Union (EU) countries added more than US$1.7 billion – a drop of nearly US$300 million compared with QUAD in trade value. Trade with AUKUS countries was the lowest in the region at just close to US$800 million.
∎ Why does it matter?
The impact of the post-coup economic crisis and western sanctions on Myanmar’s foreign trade will have a pivotal effect on Myanmar’s economic and democratic reforms. Economic performance reflects a wide range of foreign political and economic considerations, which help to illustrate the role of foreign countries in Myanmar’s democratization efforts.
∎ Other relevant readings
The Ministry of Commerce publishes domestic and foreign trade statistics on a monthly and yearly basis on its official website, along with trade valuations for the same periods. Researchers can also access statistics from the World Bank as well as annual reports from the Asian Development Bank for comparison with Myanmar’s official figures.