Myanmar's relatively dynamic foreign trade is generally subject to state control, although the current reforms are aiming to liberalise the market. International trade represented 53% of the country's GDP in 2021 (World Bank, 2023) in decline in the last couple of years. 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. Myanmar is a member of the World Trade Organization (WTO) since 1995 and of the Association of Southeast Asian Nations (ASEAN). The country mainly exports petroleum (15,7% of all exports in 2021), dried legumes (6.24%), precious stones (5.7%) women's coats (4.44%) and rare-earth metal compounds (3.94%); while for imports the major products are refined petroleum (12.4% of all imports), fabrics (4.9%), packaged medicines (2.27%) and broadcasting equipments with 1.93% (World Bank, 2023).
In geographical terms, China is, by far, the main destination for Myanmar exports (29.5%), followed by Thailand (23.1%), Japan (6%) and India (5.7%). Imports come from China (29.4%), Singapore (19.1%), Thailand (14.4%), and Indonesia with 8.4% (OEC, 2023).
Myanmar has made progress in exports, resulting in a positive trade balance. Official export figures are underestimated due to the valuable goods that are smuggled to neighbouring countries like Thailand, China, and Bangladesh (especially timber, gems, narcotics and rice). According to the latest figures from WTO, Myanmar exported a total of 17.29 billion USD and imported 16.14 billion USD in 2021, resulting in a trade surplus of 17.27 billion USD.
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 19,253 | 19,355 | 18,588 | 17,947 | 14,322 |
Exports of Goods (million USD) | 13,879 | 16,704 | 17,997 | 16,692 | 15,145 |
Imports of Services (million USD) | 2,863 | 3,373 | 3,584 | 3,421 | 1,822 |
Exports of Services (million USD) | 3,756 | 4,421 | 6,459 | 4,332 | 2,149 |
Imports of Goods and Services (Annual % Change) | 10 | -2 | -8 | 6 | -22 |
Exports of Goods and Services (Annual % Change) | 13 | 12 | 11 | 8 | -18 |
Trade Balance (million USD) | -5,767 | -4,132 | -2,850 | n/a | n/a |
Foreign Trade (in % of GDP) | 61 | 62 | 61 | 55 | 53 |
Imports of Goods and Services (in % of GDP) | 35 | 34 | 30 | 26 | 25 |
Exports of Goods and Services (in % of GDP) | 26 | 28 | 30 | 29 | 28 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2022 |
---|---|
Thailand | 22.5% |
China | 21.6% |
Japan | 7.1% |
India | 5.3% |
United States | 4.5% |
See More Countries | 39.1% |
Main Suppliers (% of Imports) |
2022 |
---|---|
China | 32.1% |
Singapore | 24.8% |
Thailand | 12.4% |
Malaysia | 6.6% |
Indonesia | 6.0% |
See More Countries | 18.2% |
Source: Comtrade, Latest Available Data
To go further, check out our service Import Export Flows
4.9 bn USD of services exported in 2019 | |
---|---|
50.44% | |
29.98% | |
7.73% | |
4.55% | |
3.04% | |
2.76% | |
0.93% | |
0.34% | |
0.22% |
3.6 bn USD of services imported in 2019 | |
---|---|
45.27% | |
32.13% | |
7.37% | |
5.24% | |
3.55% | |
2.29% | |
1.54% | |
1.47% | |
0.92% | |
0.22% |
Source: United Nations Statistics Division, Latest Available Data
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Latest Update: September 2023