The total trade between Myanmar and foreign countries reached over USD 28.3 billion in ten months of the present fiscal year (FY) 2019-2020, according to figures released by the Ministry of Commerce.

Though on an upward trend – the total external trade was USD 26.75 billion a year ago – the trade gap significantly widened to more than USD 1.8 billion versus USD 890.6 million. As of July 3rd, exports were standing at USD 13.2 billion versus imports at over USD 15 billion.

The Sino-Myanmar trade has specifically suffered from suspension and or delays due to the tight security measures to prevent the COVID-19 outbreak and spread. Trade with China has decreased by around USD 100 million over approximately the same period.

Myanmar has historically recorded a trade deficit for years, as it exports mainly agricultural products, animal products, minerals, forest products, and finished industrial goods, while it imports capital goods, intermediate goods, CMP raw materials, and consumer goods.