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Myanmar targets to achieve $16.5 bn in exports in FY24
04 Apr '24
1 min read
Pic: Adobe Stock
Insights
- Myanmar aims for a balanced foreign trade with $16.5 billion in exports and $16 billion in imports in FY24, during economic recovery with a 3.8 per cent GDP growth forecast.
- The industrial sector is expected to significantly boost GDP by 4.2 per cent, with trade adding another 3.8 per cent.
- As FY24 draws to a close, imports have exceeded exports.
Myanmar is targeting $16.5 billion in exports and $16 billion in imports for the fiscal 2023-2024 (FY24), as per the latest statistics released by the ministry of commerce. This goal comes at a time when the country is navigating through economic recovery, with its gross domestic product (GDP) projected to grow by 3.8 per cent.
The industrial sector is poised to be a significant contributor to this economic uplift, expected to add 4.2 per cent to the GDP growth, while trade is anticipated to contribute another 3.8 per cent.
As FY24 draws to a close, imports have exceeded exports, with over $15 billion in goods brought into the country compared to $14.3 billion worth of goods sold abroad, resulting in a trade deficit.
Fibre2Fashion News Desk (DP)
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