Myanmar recorded a trade deficit of $1.176bn in the first three quarters of 2023, according to the latest official Myanmar trade data compiled by the ASEAN Data Portal.
The country exported $11.6bn in goods in 9M 2023, down 11% from $13.1bn in the same period in 2022.
Imports were valued at $12.8bn, down 1% year-over-year from $12.9bn.
Exports
By product category, mineral fuels/oils and distilled products were the country’s largest export in 9M 2023 at $2.7bn, down 5.6% y-o-y. This consists almost exclusively of natural gas exports to China and Thailand.
Garments were another key export with non-knit clothing, knitted clothing and footwear valued at $2.3bn, $1.2bn and $295m, respectively. Combined, exports of the three products fell 22% yoy in 9M 2023.
Various agricultural products were other major export categories in 9M 2023, as illustrated below:
|
Product category |
HS code |
$ million |
% share |
YOY change |
|
Mineral fuels/oils and distilled products |
27 |
2,714 |
23.3% |
-5.6% |
|
Not knit clothing |
62 |
2,313 |
19.9% |
-18.3% |
|
Vegetables and certain roots/tubers |
7 |
1,286 |
11.1% |
4.6% |
|
Knitted clothing |
61 |
1,192 |
10.2% |
-25.1% |
|
Cereals |
10 |
908 |
7.8% |
-11.9% |
|
Fish/crustaceans |
3 |
470 |
4.0% |
-13.2% |
|
Ships, boats and floating structures |
89 |
458 |
3.9% |
3609.7% |
|
Footwear |
64 |
295 |
2.5% |
-38.3% |
|
Fruits and nuts |
8 |
209 |
1.8% |
-10.3% |
|
Rubber and articles thereof |
40 |
192 |
1.6% |
-46.3% |
|
Other |
1,602 |
13.8% |
-15.8% |
|
|
Total |
11,639 |
100.0% |
-11% |
Thailand and China were Myanmar’s two largest export partners for the period, valued at $2.9 and $2.7bn, respectively.
Natural gas accounted for around 50% and 40% of Myanmar’s exports to Thailand and China during this period, respectively, with various agricultural products among the other major exports.
Exports to China have dropped significantly from $5.7bn in 2019, partially attributable to the closure of border trade checkpoints due first to COVID-19 and then to armed conflict.
Exports to the EU, US and UK all fell substantially in 9M 2023. The three trade partners are major purchasers of Myanmar clothing products, with the drop in exports coming as western fashion brands face pressure to end sourcing from Myanmar due to concerns over labour and human rights abuses under the military administration.
On the other hand South Korea, another key buyer of clothing products, has increased its imports from Myanmar.
|
$ million |
Share |
YOY change |
|
|
Thailand |
2,945 |
25.3% |
1.1% |
|
China |
2,730 |
23.5% |
-3.4% |
|
EU |
2,178 |
18.7% |
-25.2% |
|
Japan |
961 |
8.3% |
1.0% |
|
India |
632 |
5.4% |
0.0% |
|
USA |
468 |
4.0% |
-22.2% |
|
Korea |
320 |
2.8% |
18.8% |
|
UK |
297 |
2.6% |
-40.5% |
|
Singapore |
135 |
1.2% |
-10.9% |
|
Malaysia |
111 |
1.0% |
-50.2% |
|
Other |
861 |
7.4% |
-21.8% |
|
Total |
11,639 |
100.0% |
-11.0% |
Imports
Mineral fuels/oils and related distilled products accounted for 33% of Myanmar’s imports in 9M 2023, valued at $4.2bn, up 9% yoy.
Imports of machinery and mechanical appliances also increased 22% to $826m for the period and imports of electrical machinery rose 5% to $630m.
Meanwhile, imports of animal/vegetable fats and plastics fell 12.8% and 17.6%, respectively. This decline is possibly attributable to the military administration’s imposition of import restrictions as part of its attempt to promote domestic production.
Other major imports included machinery and mechanical appliances ($617.5m) and electrical machinery and equipment ($384.4m).
The major import categories for 9M 2023 are illustrated below:
|
Product category |
HS Code |
$ million |
% share |
YOY change |
|
Mineral fuel/oils and distilled products |
27 |
4,218.6 |
32.9% |
8.9% |
|
Machinery/mechanical appliances |
84 |
826.0 |
6.4% |
21.9% |
|
Electrical machinery/equipment |
85 |
630.0 |
4.9% |
11.6% |
|
Iron and steel |
72 |
556.9 |
4.3% |
1.5% |
|
Man-made filaments |
54 |
518.7 |
4.0% |
23.0% |
|
Animal/vegetable fats and oils |
15 |
488.9 |
3.8% |
-12.8% |
|
Fertilizers |
31 |
480.7 |
3.8% |
15.1% |
|
Plastics and articles thereof |
39 |
453.8 |
3.5% |
-17.6% |
|
Man-made staple fibres |
55 |
406.3 |
3.2% |
-34.8% |
|
Pharmaceutical |
30 |
321.2 |
2.5% |
-31.1% |
|
Other |
3,914.9 |
30.5% |
-7.7% |
|
|
Total |
12,816.0 |
100.0% |
-1.0% |
China was Myanmar’s largest source of imports for the period, valued at $4.1bn.
Made-made filaments, used in Myanmar garment industry, was the largest import category at $455m, while imports of man-made staple fibres were valued at $348m.
Iron and steel was the second leading import category from China at $447m, followed by electrical machinery at $375m.
Singapore was Myanmar’s main source of fuel/oil for the period, valued at 2.7bn.
Myanmar also increased its imports of fuel/oil from Malaysia and Indonesia to $850m and $337m, respectively.
Thailand was a key supplier of machinery and mechanical appliances, accounting for $454m of its exports to Myanmar.
|
$ million |
Share |
YOY change |
|
|
China |
4,127.5 |
32% |
1.9% |
|
Singapore |
2,852.6 |
22% |
-10.2% |
|
Thailand |
1,728.5 |
13% |
7.3% |
|
Malaysia |
1,100.6 |
9% |
21.9% |
|
Indonesia |
956.3 |
7% |
18.4% |
|
India |
355.4 |
3% |
-15.3% |
|
EU |
287.1 |
2% |
-4.3% |
|
Vietnam |
229.8 |
2% |
-26.5% |
|
Korea |
206.1 |
2% |
-3.1% |
|
Japan |
159.8 |
1% |
-30.0% |
|
Other |
812.3 |
6% |
-12.4% |
|
World |
12,816.0 |
100% |
-1.0% |
