Myanmar goods trade deficit with Singapore estimated at $1.388 bln in seven months

29 July


MYANMAR trade deficit in goods with Singapore was estimated at US$1.388 billion in the past seven months (October-April) of the current financial year 2020-2021, the statistics issued by the Central Statistical Organization under the Ministry of Planning, Finance and Industry indicated.


Singapore is Myanmar’s second-largest trading partner in the region, after Thailand. In the current FY, the value of Myanmar’s bilateral trade with Singapore in normal trade and border trade topped $1.624 billion.


The Ministry of Commerce reported that imports surpassed exports in trade with Singapore, with exports reaching over $117.78 million and imports valued at over $1.5 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 $3.5 billion in the last financial year 2018-2019, $1.99 billion in the 2018 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, respectively. — KK/GNLM