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The Republic of the Union of Myanmar, a Southeast Asian country bordered by India, Bangladesh, Thailand, Laos, and China, purchased 18 billion dollars in imported products in 2020.
This figure represents a 14.5 percent growth from 2016 to 2019, but a minus 3.5 percent decrease from 2019 to 2020.
The Myanmar kyat has fallen by minus 11.9 percent against the US dollar since 2016 but has climbed by 9 percent from 2019 to 2020, according to the average exchange rate.
Since 2019, Myanmar's stronger local currency has made things imported into the Southeast Asian nation that was paid for in stronger local currency less expensive for Myanmar's importers.
Refined petroleum oils, phones, especially smartphones, motorcycles, and heavy construction machines are among Myanmar's most valuable imported goods.
From a continental viewpoint, fellow Asian countries accounted for 90.2 percent of Myanmar's overall imports in terms of the total cost.
Myanmar imported 5.4 percent of its commodities from European partners, while 2.5 percent came from North America.
Exporters in Oceania got 1 percent, led by Australia and New Zealand, Latin America with 0.7 percent, excluding Mexico but including the Caribbean, and Africa with 0.7 percent all contributed smaller percentages.
Given Myanmar's population of 53.2 million people, the country's total of 18 billion dollars in 2020 imports equates to over 340 dollars in annual product demand for each living in the Southeast Asian country known as Burma.
Myanmar's Top Imports
The following product groups account for the majority of Myanmar's import purchases in 2020.
The percentage contribution of each product category in terms of total imports into Myanmar is also indicated.
2.7 billion dollars in mineral fuels, including oil accounts for 15.3 percent of total imports
2 billion dollars in electrical apparatus and equipment accounts for 10.9 percent
1.8 billion dollars in machinery, including computers, accounts for 9.8 percent
1.2 billion dollars in vehicles account for 6.6 percent
1.1 billion dollars in iron and steel account for 6.3 percent
771.5 million dollars in plastics and plastic goods account for 4.3 percent
746.4 million dollars in synthetic staple fibers account for 4.2 percent
707.8 million dollars in animal/vegetable fats, oils, and waxes accounts for 3.9 percent
647.5 million dollars in iron and steel articles account for 3.6 percent
592.5 million dollars in pharmaceuticals accounts for 3.3 percent
Myanmar's top ten imports accounted for more than two-thirds of the total value of its goods purchases from other nations with 68.1 percent.
Electrical machinery and equipment, which grew at the quickest rate among Myanmar's top 10 import categories, increased by 56.6 percent from 2019 to 2020.
Articles composed of iron or steel came in second for increasing import purchases, with a 34 percent increase.
Imports of animal or vegetable fats, oils, and waxes from Burma grew at the third-fastest rate, increasing by 32 percent
Mineral fuels, including oil, imported from outside Burma, are the slowest among the top ten Burmese imports, with a year-on-year decrease of minus 26.2 percent.
Myanmar's Top Exports
In 2020, the Republic of the Union of Myanmar, a sovereign state in Southeast Asia, transported 16.9 billion dollars worth of commodities throughout the world.
This figure indicates a 45 percent increase from 2016, but a minus 6.5 percent drop from 2019 to 2020.
Myanmar was formerly known as Burma
The Myanmar kyat has fallen by minus 11.9 percent against the US dollar since 2016 but has climbed by 9 percent from 2019 to 2020, according to the average exchange rate.
Myanmar's stronger local currency has rendered exports paid for in weaker US dollars more expensive for overseas purchasers in the past year.
Petroleum gases, unknitted and non-crocheted men's suits or pants, dried shelled vegetables, unknitted and non-crocheted women's apparel, and refined copper are the top five value-added exports from Myanmar.
Myanmar's five most valuable exports together accounted for 45.8 percent of the country's total exports.
According to the most recent available data, importers in China accounted for 31.8 percent of the global total, Thailand with 17.8 percent, Japan with 7.3 percent, the United States with 5.1 percent, Singapore with 4.1 percent, India with 4.1 percent, Germany with 3.5 percent, Spain with 3.1 percent, the United Kingdom with 2.9 percent, South Korea with 2.6 percent, the Netherlands also with 2.6 percent, and Belgium purchased 86.2 percent of Myanmar's exports.
In terms of value, 74.3 percent of Myanmar's exports were supplied to other Asian countries, while 18.7 percent were sold to European buyers.
Myanmar exported 5.7 percent of its total exports to North America.
Africa got 0.8 percent, Oceania had 0.22 percent, and Latin America without Mexico but including the Caribbean received smaller percentages.
Myanmar's population was estimated to be 53.2 million in 2020, with an average of 320 dollars in exported goods per person.
3.4 billion dollars in mineral fuels, including oil accounts for 20.2 percent of total exports
3.4 billion dollars in clothing and accessories not knit or crocheted accounts for 20.2 percent
1.25 billion dollars in vegetables account for 7.4 percent
1.16 billion dollars in cereals account for 6.9 percent
1.16 billion dollars in knitted or crocheted clothes and accessories account for 6.9 percent
927.6 million dollars in copper accounts for 5.5 percent
826.2 million dollars in fish accounts for 4.9 percent
628.8 million dollars in machinery, including computers, accounts for 3.7 percent
624.5 million dollars in fruits and nuts account for 3.7 percent
547.1 million dollars in oil seeds account for 3.2 percent
Myanmar's top ten exports accounted for 82.6 percent of the total value of its global shipments in terms of value.
Among the top ten export categories, machinery, including computers, grew at the quickest rate, increasing by 262.8 percent from 2019 to 2020.
Oilseeds came in second with a 36.7 percent increase in export sales.
Myanmar's vegetable shipments saw the third-fastest increase in value, at 28.3 percent.
Mineral fuels, including oil, were the top decliner among Myanmar's top 10 export categories, with a minus 23.3 percent reduction year over year.
Myanmar's total exported goods account for 6.5 percent of the country's overall Gross Domestic Product which is 258.7 billion in Purchasing Power Parity US dollars in 2020.
Although based on a short timescale, the 6.5 percent for exports to overall GDP in PPP for 2020 compared to 5.3 percent for 2019 appears to show a substantially increasing reliance on products sold on international markets for Myanmar's whole economic performance.
The unemployment rate is another important measure of a country's economic performance.
According to Trading Economics, Myanmar's average jobless rate will be 2 percent in 2020, up from 0.5 percent in 2019.
Nay Pyi Taw is Myanmar's capital.
https://www.worldstopexports.com/myanmars-top-10-imports/
https://www.worldstopexports.com/myanmars-top-10-exports/
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