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Wednesday, June 26, 2024

Myanmar sets goal to achieve $16.5 bn in exports for the year 2024

Myanmar aims for $16.5 billion in exports and $16 billion in imports for FY24, according to the Ministry of Commerce. However, the country currently faces a trade deficit as imports have exceeded exports. The country’s GDP is projected to grow by 3.8%, indicating a positive outlook for economic recovery despite the trade imbalance. Expected to be a significant contributor, adding 4.2% to GDP growth. This highlights the sector’s potential to drive economic uplift and create value. Anticipated to contribute 3.8% to GDP growth, emphasizing the importance of international trade in Myanmar’s economic landscape.

The current trade deficit, with imports surpassing exports, poses a challenge for Myanmar’s trade balance and external economic stability. Despite GDP growth projections, the trade deficit could dampen economic progress and hinder the country’s ability to achieve its export and import targets. Enhancing export capabilities and diversifying export markets can help Myanmar achieve its export targets and reduce the trade deficit. Strategically managing imports to align with domestic production capabilities and economic needs is crucial to address the trade imbalance. Continued support and investment in the industrial sector can drive growth, create employment opportunities, and boost overall productivity.

Myanmar’s economic recovery and growth prospects for FY24 are promising, supported by the industrial sector and trade activities. However, the trade deficit poses a notable challenge that requires strategic interventions to achieve a more balanced and sustainable trade position. Addressing this imbalance, promoting exports, and fostering a conducive environment for industrial development will be key priorities for Myanmar to realize its economic targets and drive long-term prosperity.

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