Myanmar: Trade Profile
Myanmar's relatively dynamic foreign trade is generally subject to state control, although the current reforms aim to liberalize the market. International trade represented 53% of the country's GDP (World Bank, latest data available). Myanmar has been a member of the World Trade Organization (WTO) since 1995 and the Association of Southeast Asian Nations (ASEAN). Customs duties have been reduced, and there are few non-tariff trade barriers, with the exception of government controls (import limitations). Import licenses have been partially abolished, and taxes on exports decreased. The country mainly exports precious stones (15.4%), petroleum gas (13%), dried legumes (6%), non-knit women's coats (4.6%), and rice (3.8%); whereas imports are led by refined petroleum (17.5%), crude petroleum (3.25%), special-purpose ships (2.7%), light rubberized knitted fabric (2.52%), and palm oil (2.53% - data OEC 2022).
Geographically, China is by far the main origin of Myanmar’s imports (45.5% of the total), followed by Thailand (15.8%), Singapore (14.2%), Malaysia (4.4%), and Indonesia (3.6%). Exports are mainly directed towards China (35.7%), Thailand (12.9%), Germany (6.3%), Japan (5.6%), and the United States (4.3% - data OEC 2022).
The country’s trade balance fluctuates, alternating between surpluses and deficits. According to data from the WTO, in 2022, Myanmar exported a total of USD 17 billion and imported USD 17.44 billion (+12.7% and +21.4% y-o-y, respectively). Due to the drop in tourism arrivals, services exports decreased drastically in recent years, totaling only USD 1.5 billion in 2022 (compared to USD 7 billion recorded before the pandemic), against USD 1.7 billion in imports. According to statistics from the Ministry of Commerce, Myanmar's international trade with foreign partners exceeded USD 30 billion in the fiscal year 2023-2024 (April-March), marking a notable decrease of USD 4 billion compared to the previous fiscal year 2022-2023. The total trade balance stood at USD 3.39 billion in the corresponding period of the previous year. Myanmar's exports surpassed USD 14 billion, while imports were valued at over USD 15 billion.
| Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Imports of Goods (million USD) | 18,588 | 17,947 | 14,327 | 17,403 | 15,566 |
| Exports of Goods (million USD) | 17,997 | 16,692 | 15,154 | 17,085 | 13,594 |
| Imports of Services (million USD) | 3,665 | 3,249 | 2,000 | 2,129 | 0 |
| Exports of Services (million USD) | 7,018 | 3,978 | 2,123 | 2,548 | 0 |
| Trade Balance (million USD) | -2,850 | n/a | n/a | n/a | n/a |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
| Main Customers (% of Exports) |
2023 |
|---|---|
| Thailand | 24.3% |
| China | 23.2% |
| Japan | 8.1% |
| India | 5.7% |
| United States | 4.0% |
| See More Countries | 34.7% |
| Main Suppliers (% of Imports) |
2023 |
|---|---|
| China | 31.0% |
| Singapore | 22.5% |
| Thailand | 12.8% |
| Malaysia | 8.3% |
| Indonesia | 7.2% |
| See More Countries | 18.2% |
Source: Comtrade, Latest Available Data
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Latest Update: May 2024
