Population provides sufficient labor force necessary for the growth of a basic manufacturing sector, which will constitute a sizable consumer market. Burma is a strong untapped market of more than 55 million people and a rapidly increasing middle class. Two large emerging market economies (China and India) with populations totaling more than 1.3 billion and 1.2 billion. exports of agricultural products is likely much higher but are procured through Singapore and perhaps elsewhere.īurma remains strategically located between Vegetables and pulses, and beer and wine. processed food exports to Myanmar in 2016 included food preparations, protein concentrate, processed/prepared dairy products, prepared/preserved seafood, processed
Totaling US$24.9 million in 2016, an increase of 25% over the previous year. exports of consumer-oriented products also grew by 60% to US$4.5 million. Meal, distiller’s grains, and other intermediate products counted for much of total growth. Exports of agricultural products to Burma totaled US$82.4 million in 2016, which was an increase of 115% from the prior year.
It has the largest port handling about 90% of Burma’s international trade activities.ĭirect U.S. Rangoon generates more than 20% of the country’s revenues and Most businesses focus mainly on the Rangoon market, which is the largest consumer market in Burma. They report that Nay Pyi Taw is the new capital of Burma, but Rangoon is still considered to be the businessĬenter and the most important city with a population of more than 1.25 million. The USDA Office of Agricultural Affairs, OAA, in Bangkok Thailand covers Burma, hereinafter referred to as “Post”. However, the country has a young labor force andĬould benefit significantly from its strategic location in a dynamic region.
#Myanmar exporter drivers#
Foreign investment in natural resources and exports of commodities will be crucial economic drivers in the medium term. Is still narrowly-based, depending almost exclusively on energy and agriculture. The country’s strategic location and its proximity to a dynamic East and Southeast Asia should serve it well as manufacturers move around the region in search of lower labor costs. Myanmar’s growth prospects are relatively bright owing to continued inflows of FDIĪnd further reforms. That jade exports (mainly to China) are worth as much as half the country’s entire official economy and benefit top figures in the military and politics. However, much of Myanmar’s jade trade is thought to be unrecorded. The current account deficit was 8.7% of GDP in 2015 and it should narrow to 8% in 2016. Real GDP should growīy about 8% per year in the remaining years of the decade. A large current account deficit is of some concern although much of the country’s trade is thought to be unrecorded. Gas and oil exports are expected to surge upon completion of a huge pipeline to China. The economy is driven by domestic demand, agriculture and a steady increase in Foreign Direct Real Gross Domestic Product (GDP) rose by 8.1% - after a growth of 8.5% in 2015.
Euromonitor reports that Myanmar saw another year of strong growth in 2016.
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