The value of Myanmar’s imports surpassed exports in bilateral trade with Singapore in the 2018-2019 Financial year, according to data from the Ministry of Commerce.
Singapore is Myanmar’s second largest trading partner in the region, after Thailand. In the previous fiscal, Myanmar’s exports to Singapore were registered at just US$329.8 million, while imports were valued at $3.15 billion, with total trade pegged at $3.486 billion.
Myanmar exports agricultural products, footwear, textiles and clothing, minerals, and animal products to Singapore, while it imports plastic, fuel oil, capital goods, intermediate goods, consumer products, metals, and chemicals. Myanmar’s bilateral trade with Singapore was registered at $1.99 billion in the last mini-budget period, $3.83 billion in the 2017-2018FY, $2.96 billion in the 2016-2017FY, and $3.69 billion in the 2015-2016FY.
As per data from the Directorate of Investment and Company Administration, Singapore ranked first among foreign investors with the largest investments in the previous Financial year, bringing in $2.4 billion. In the current 2019-2020FY, Singapore-listed companies have discussed investing in Myanmar’s energy and banking businesses with the Myanmar Investment Commission, and there is potential to increase investments, said U Thant Sin Lwin, Director-General of the DICA, at the Myanmar-Singapore Business Summit 2019, held on 14 November at the Novotel Yangon Max. — Ko Khant (Translated by EMM)