BILATERAL trade between Myanmar and Singapore was US$740 million in the first two months of the current fiscal year, according to the latest statistics from the Ministry of Commerce.
From 1 April to 31 May, Myanmar imported a wide range of commodities amounting to $634.9 million from the Republic of Singapore, whereas its exports to the island country were valued at $105.9 million.
Myanmar’s exports to Singapore include agricultural products, footwear, textile and clothing, minerals, animal products and other miscellaneous items. Its imports from Singapore include food, rubber and plastics, fuel, capital goods, intermediate goods, consumer products, metals and chemicals, along with other products.
According to the ministry’s data, Myanmar-Singapore trade reached $3.838 billion in the 2017-2018 financial year. Myanmar conducts bilateral trade with Singapore mainly by sea.
Bilateral trade was at its peak in the 2014-2015 FY, reaching $4.895 billion.
Trade between the two countries was $2.967 billion in 2016-2017 FY; $3.696 billion in the 2015-2016 FY; $3.604 billion in the 2013-2014 FY; $2.826 billion in the 2012-2013 FY and $3.058 billion in the 2011-2012 FY.
Singapore is one of the top investors in Myanmar,
having invested $2.163 billion during the last financial year.
According to the Directorate of Investment and Company Administration, Myanmar has approved Singapore’s three new investment projects, worth $50.5 million this FY.