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Myanmar Economic Crisis Worsens as Exports Plunge – Irrawaddy

Myanmar is edging closer to failed state status; its commerce minister revealed a “runaway trade deficit” last week, with exports over the past six months dropping to 46% of the previous fiscal year

Activists wants Singapore to freeze accounts holding billions of Myanmar funds in local banks, to stop generals withdrawing state reserves
Myanmar's military chief Min Aung Hlaing has overseen a dire economic collapse since he overthrew Aung San Suu Kyi in February 2021. Reuters file photo.


Myanmar’s military regime is desperate to halt a dire collapse of exports, after Commerce Minister Tun Ohn revealed the country’s “runaway trade deficit” last week, which shot up to nearly $1 billion in the first six months of the 2023-24 fiscal year, according to a report by Irrawaddy, which noted that was a disastrous turnaround from the $66 million deficit recorded in the same period (April to September) last year.

The ministry has so far only released figures for trade up to the end of August with the five-month deficit reaching $677 million, but Ohn revealed that first-half exports were only at 46% of normal capacity, it said, while imports reached just 53% during the first six months of the fiscal year. He reportedly blamed the drop in exports of rice, sesame, rubber, and garments on “falling demand from foreign buyers, muddled exchange rates, and smuggling”.

Read the full report: Irrawaddy




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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.


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