Myanmar Economic ProfileBurma Economic Profile
The Myanmar Economy - CIMB ASEAN Research Institute
Myanmar's economic sector has begun to reap the benefits of its economic and policy reform, which began in 2011. In 2013, GNP is expected to be USD 56.4 billion, and this year the GNP is expected to be USD 60 billion. The economic development has clearly improved compared to the years 2009-2011, which were 5 years old on board.
5 percent increase until 2012, when Myanmar's economic activity is projected to have increased by 7.3 percent, and in 2013 the projected increase is 7.5 percent. Myanmar's local language is named Kyoto and has the MMK's Islamic-coding. Since April 2012, when the starting price was fixed at 818k yat per US Dollars, the Kyoto has had a variable conversion rat.
Prior to 2012, the Myanmar administration had a set currency parity system, and the formal currency parity was around 5-6 Kiev per US Dollars. In this time frame, the price of the subprime mortgage mirrored the actual value of Kyoto, with road prices of around 800-1000 Kyoto per US-Dollars.
After a devaluation phase since the floatation of the Kyoto Protocol, the greenback has been quite steady since mid-2013. During the first three Quarters of 2014, there was an annual mean buying price of approximately 963 kyats per US Dollars and an annual selling price of 997 kyats per US Dollars.
Myanmar's overall trading amounted to $23.45 billion in 2013. Myanmar's overall export amounted to US$11.44 billion and its overall import to US$12.01 billion, which means that Myanmar had a trading shortfall of about US$570 million. Myanmar's trading volumes are low in comparison to many of its ASEAN neighbors - just under 1% of ASEAN' overall trading in 2013 of about $2.51 trillion.
In 2013, intra-ASEAN trading amounted to 87 billion US dollars, representing 42% of Myanmar's global trading in 2012. In the EU, intra-ASEAN was 49. 2 percent and intra-ASEAN was 35.3 percent of overall IMP. Thailand was by far the biggest target for Myanmar in 2013, with 41 export sales.
Seven percent of Myanmar's export. In 2013, Singapore accounted for 3.6% of Myanmar's overall export volume, while the remainder of ASEAN countries accounted for 3.9%. Myanmar's most important sources of import are China (27.1%) and Singapore (27%). Approximately 23% of Myanmar's 2013 import came from the remainder of the overworld. Myanmar's biggest importer is manufacturing, with a share of almost 60% of overall trade in 2013.
4 percent of 2013 and 7.6 percent of farm produce. Myanmar's main exporters are fuel and minerals (40.4%), followed by agriculture (26.6%) and manufactures (26.4%). Myanmar's trading volume has grown significantly in recent years, almost doubled from USD 11.80 billion to USD 23.45 billion in 2013.
As Myanmar was largely isolated from the rest of the globe before 2011, extra-ASEAN trading has expanded more rapidly than intra-ASEANtrading. As a proportion of overall trading, intra-ASEAN trading fell from 52% in 2009 to 42% in 2013. Myanmar's service trading is relatively low in comparison to other ASEAN members.
Myanmar's trading in service products in 2011 was only $1.5 billion, while Vietnam was trading over $20 billion in same year. However, Myanmar has increased its service trading in recent years, particularly the imports of goods, which will reach USD 1.1 billion in 2011. Myanmar's service exports amounted to $407 million in 2011.
FDI levels in Myanmar have increased significantly since the beginning of a range of policy and economic reform. The overall net FDI inflows in 2013 amounted to USD 2.62 billion, almost twice as much as in 2012 (USD 1.35 billion). In Myanmar, FDI was also unusually high in 2011, amounting to USD 2.06 billion, which is due to China's extensive investments in the pipeline and pipeline developments.
Myanmar's intra-ASEAN FDI rose significantly in 2013 to reach USD 1.19 billion, equivalent to 45% of MDI. During 2011 and 2012, the intra-ASEAN FDI were low, only USD 80 million and USD 150 million respectively.