Myanmar foreign trade in good shape thanks to demands for crops

• Sep 28, 2020

Despite the pandemic which has caused disturbances in trade flow, Myanmar foreign trade is in the good shape thanks to the healthy demands for agricultural products, according to the Ministry of Investments and Foreign Economic Relations. 

Myanmar started to feel the impact of the COVID-19 earlier this year with business suffering a severe blow. 

However, strong demands for high-quality crops have remedied the hits to the export sector to a certain extent, with the volume of export increased by $2 billion as of August this fiscal year compared to the same period last fiscal year. As of the end of August, the country’s export topped $30 billion boosted by increased trade with Bangladesh, India, China, and Thailand. 

Like higher export, the volume of imports has also increased causing up to a $1.5  billion trade deficit, accordion to data from the Ministry of Commerce. 

Written by Ko Myo

Source: https://mmbiztoday.com/myanmar-foreign-trade-in-good-shape-thanks-to-demands-for-crops/