Myanmar: Trade Profile
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 54% of the country's GDP (World Bank, 2020) 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 (15,4% of all exports in 2020), rice (6%), refine copper (5%) as well as natural gas, precious and semiprecious stones; while for imports the major products are petroleum oils (8.7% of all imports), motocycles, broadcasting equipments, fabrics, cane or beet sugar, and vegetable fats and oils (World Bank, 2022). According to estimates from the IMF, the COVID-19-induced crisis had a strong impact on Myanmar’s imports, which registered a decrease of 7.8% compared to one year earlier; whereas exports remained stable.
In geographical terms, China is, by far, the main destination for Myanmar exports (27.7%), followed by Thailand (14.2%), Japan (7.5%) and Germany (6.7%). Imports come chiefly from China (43.8%), Thailand (17.4%), Singapore (10.2%) and Indonesia with 4.2% (OEC, 2022).
Despite the progress made in exports, the country has a negative trade balance, due to substantial import related to investment projects and sustained consumption. 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 19.4 billion USD and imported 26.1 billion USD in 2020, resulting in a trade deficit of 6.5 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) |
2021 |
|---|---|
| China | 29.5% |
| Thailand | 23.1% |
| Japan | 6.0% |
| India | 5.7% |
| United States | 3.9% |
| See More Countries | 31.8% |
| Main Suppliers (% of Imports) |
2021 |
|---|---|
| China | 29.4% |
| Singapore | 19.1% |
| Thailand | 14.4% |
| Indonesia | 8.4% |
| Malaysia | 6.0% |
| See More Countries | 22.7% |
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: February 2023
