Data Matters No. 15
(This article is a translation of the original Burmese language version that ISP-Myanmar posted on its Facebook page on April 22, 2022.)
Trade with China accounted for the largest volume of Myanmar’s cross-border trade overall during the 2021-22 mini-budget period. However, trade with Thailand increased during this period by more than US$640 million compared to the same financial period last year. This represents a rise from 34 percent of overall trade to more than 75 percent.
Myawaddy, the primary artery for Myanmar-Thailand trade, accounted for nearly US$600 million in revenue, while Nabulae/Htee Khee added more than US$180 million and Maw Daung brought in nearly US$300,000. Myanmar’s cross-border exports and imports declined overall during the last mini-budget period as the total value of cross-border trade fell by US$2.26 billion compared to the same period in the previous year. Cross-border trade with China plunged by as much as US$2.4 billion over the same period.
In an effort to curb a growing trade deficit in October 2021, the State Administration Council (SAC) imposed new import restrictions. The Central Bank of Myanmar announced that exporters would have to sell their foreign currency earnings to official foreign exchange-licensed banks at the standardized rate within 30 days.
∎ Why does it matter? The impacts of the post-coup economic crisis, and the western sanctions on Myanmar’s foreign trade, will have a pivotal effect on Myanmar’s economic and democratic reforms. Economic performance reflects a wide range of foreign political and economic considerations, which will help to illustrate the role of foreign countries in Myanmar’s democratization efforts.
∎ Other relevant readings Domestic and foreign trade statistics are available on the official website of the Ministry of Commerce on a monthly and yearly basis, as well as trade valuations from the same period. In addition, the figures and statistics from the World Bank and the annual reports released by the Asian Development Bank are available for comparison.