Since opening its markets, Myanmar has enjoyed rapid economic growth. The nation's GDP grew from $49.5 billion in 2010 to $71.5 billion in 2018, a 45 percent increase. The average annual GDP growth rate was 6.7 percent from 2010 to 2018 and it is expected that the country will continue to show strong GDP growth maintained at 7 percent over the next five years.
In terms of industry structure, since the opening of their markets, agriculture, forestry and livestock, industry and services account for 36.9 percent, 26.5 percent and 36.7 percent of GDP respectively (2010 data). These figures have changed to 23.3 percent, 36.3 percent and 40.4 percent (2017 data). However, Myanmar's industrialization hasn't yet matured and they must still rely on agriculture, forestry and livestock to support economic development.
As economic growth continues, Myanmar has seen increased demand for export trade over the past five years, resulting in 23 percent growth in exports and 60 percent growth in imports. Myanmar's primary export markets are China, Thailand, Japan, the Asia-Pacific region and some European nations. Their primary sources of import are China, Singapore and Thailand, mostly in nearby Southeast Asian markets.
Regarding imports/exports, Myanmar's primary exports are natural resources such as LPG and other gaseous hydrocarbons, commodities such as rice, legumes, sugar and textile garments. Their primary imports include petroleum and oil derived from bituminous minerals, food ingredients, automobiles, intermediate materials for textile garments, telephones, and pharmaceutical preparations.
In order to create a comprehensive domestic market, the Government of Myanmar has amended regulations to further support the capacity of SMEs and accelerate the opening of markets. In addition, Myanmar's energy trade over recent years has shown that many small to medium-sized domestic enterprises are attempting to enter international markets and increase their revenues through exports. They are proactively seeking opportunities to improve their technologies and capabilities to meet higher standards of product quality in international markets. This has resulted in business opportunities in Myanmar's domestic industry upgrades in areas such as car components, agricultural machinery, rubber and plastic machinery, food and beverage packaging machinery, power and energy machinery and electrical products, and system integration services for wholesale and retail use.
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