Myanmar
Economic and trade overview
Key figuresEconomy 2011 Trade 2011 (USD million)
GDP (USD) (2010) 45,380 m Goods Exports 7,699
GDP per capita (USD) (2010) 939 Imports 7,491
GDP volume growth (year-on-year) + 21% Net + 208
Population 48.34 m Services Exports 672
Central Bank interest rate 12.0% Imports 1,090
Exchange rate MMR / USD (year average) 5.44 Net + 418
BoP (goods, services & income) as % of GDP – 4.0% Sources: IFS, IMF, January 2013 and
WTO, September 2012International/Regional memberships
The Association of Southeast Asian Nations
(ASEAN): since 27 June 1997.
International Monetary Fund (IMF):
since 3 January 1952.
World Trade Organization (WTO):
since 1 January 1995.Government trade policy
Myanmar pursues many of its trade
objectives through its membership of ASEAN
(www.aseansec.org).
As a member of ASEAN, Myanmar is
committed to the ASEAN Free Trade Area
(AFTA) Common Effective Preferential Tariff
(CEPT) scheme. This lowers all intra-regional
tariffs on trade between Myanmar and other
ASEAN member states (Brunei Darussalam,Cambodia, Indonesia, Laos, Malaysia,
Philippines, Singapore, Thailand and
Vietnam) to between zero and 5 percent.
ASEAN member states have a number of
free trade agreements (FTAs) with regional
economies such as South Korea, China,
Japan, India, and Australia and New
Zealand. ASEAN is also in negotiations for
an FTA with the European Union.
Myanmar does not have a national export
credit insurance provider.
The Thilawa Special Economic Zone (SEZ)
is currently being established in Myanmar
and will be the country’s first operational
trade zone, offering companies based in the
zone exemption from trade tariffs. Further
trade zones are planned for the port of
Yangon and in Dawei.Currency and exchange controls
Official currency: Myanmar kyat (MMK).
Foreign Exchange Certificates (FEC) are
also used for transactions in Myanmar.
These are predominately used by tourists
but are also used for some domestic
payments, including the salary payments of
international organisations and companies.
Exchange rate arrangement: managed float.
Myanmar does impose foreign exchange
controls, which are administered the Central
Bank of Myanmar (www.cbm.gov.mm).
There is no forward foreign exchange market
in Myanmar. CBM approval is required for the transfer
of foreign currency by residents. Payments
between residents in foreign currency are not
permitted. Residents cannot acquire foreign
currency for capital transaction purposes.
Foreign currency up to USD 10,000 is
permitted to be withdrawn from government
banks by residents in Myanmar.
Domestic currency is not permitted to be
exported from Myanmar.
Foreign currency up to USD 10,000 may be
imported into Myanmar by non-residents.