Myanmar’s exports rise 15 per cent in FY 2022-2023

Myanmar’s exports significantly grew by about 15 per cent in the eight months of the current financial year 2022-2023 from the corresponding period of last year.
Between 1 April and 2 December of the current FY2022-2023, Myanmar’s exports soared to US$11.17 billion from $9.7 billion in the year-ago period. The figures reflected a sharp increase of over $1.44 billion compared with a year-ago period, according to data from the Ministry of Commerce.
The negative pandemic consequences dealt a severe blow to the agriculture, livestock and mineral sectors during the past mini-budget period.  As China eases some virus rules and regulations, the export sees a slight increase in the agriculture sector this FY. At present, the CMP garment sector raises its head again after the vaccination programme to the factory workers as well.
Of the seven export groups, fisheries, mineral and other exports showed a decrease compared to the year-ago period.
The values of export were registered at $2.37 billion for agro products, $18.2 million for livestock, $491.2 million for fishery products, $205 million for minerals, $97.14 million for forest products, over $7.65 billion for manufactured goods, and $320.35 million for other goods.
The country’s export sector relies more on the agricultural and manufacturing sectors. The Ministry of Commerce is focusing on reducing trade deficit, export promotion, import substitution and market diversification.—KK/EMM